matching 207 match the items below by entering the appropriate code letter in the sp 4325021

MATCHING

207.Match the items below by entering the appropriate code letter in the space provided.

A.Mutual agencyG.Purchase of an interest

B.Unlimited liabilityH.Partnership liquidation

C.Partnership agreementI.Capital deficiency

D.Income ratioJ.Distribution of cash to partners in

E.Partners' capital statement liquidation of a partnership.

F.Admission by investment

_____              1.Each partner is personally and individually liable for partnership debts.

_____              2.Made on basis of partners' capital balances.

_____              3.Explains changes in individual partner's capital accounts during a period.

_____              4.Each partner can bind the partnership so long as the action appears to be appropriate for the partnership.

_____              5.Business terminates.

_____              a6.Results in an increase in total net assets and total capital of the partnership.

_____              7.Capital account with a debit balance.

_____              8.The basis for sharing income and losses.

_____              a9.Total net assets and total capital of the partnership do not change.

_____              10.Written contract establishing duties and responsibilities of partners.

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