Question : Fill in the Blank Questions 16. A partnership has a(n) ____________________ life : 1197645

 

Fill in the Blank Questions

 

16. A partnership has a(n) ____________________ life because it ends with the death or withdrawal of any partner.

________________________________________

 

17. Each general partner has ____________________ liability for the debts of a partnership.

________________________________________

 

18. The characteristic of a partnership that means that any partner can make valid contracts for the partnership is known as ___________________.

________________________________________

 

19. An association of two or more persons to carry on, as co-owners, a business for profit is called a(n) ___________________.

________________________________________

 

20. The partnership ____________________ is a written contract that specifies the rights and responsibilities of the partners.

________________________________________

 

21. If plant and equipment are transferred from a sole proprietorship to a partnership, the Accumulated Depreciation accounts start with ____________________ balances in the partnership records.

________________________________________

 

22. Withdrawals of assets from a partnership that are intended to permanently reduce the invested capital are recorded as debits to the partners’____________________ accounts.

________________________________________

 

23. Amounts withdrawn by partners to pay personal living expenses are recorded in their ____________________ accounts.

________________________________________

 

24. The entry to record a partner’s interest allowance includes a debit to the ____________________ account.

________________________________________

 

25. When dividing partnership net income, the consideration given to the amount of time a partner devotes to the business is called a salary ___________________.

________________________________________

 

26. If a partnership’s salary and interest allowances are in excess of the net income, the entry to close Income Summary after the allowances are recorded will include a(n) ____________________ to Income Summary.

________________________________________

 

27. If a partnership’s net income is in excess of the salary and interest allowances, the entry to close Income Summary after the allowances are recorded will include a(n) ____________________ to Income Summary.

________________________________________

 

28. The statement of partners’ equities summarizes the changes in the partners’_________________ accounts in an accounting period.

________________________________________

 

29. A partnership ____________________ occurs when the partnership’s assets are sold, debts are paid off, and the remaining cash is distributed to the partners.

________________________________________

 

30. If an individual invests more cash for an interest in an existing partnership than the book value of his or her interest, the old partners are said to receive a(n) ___________________.

________________________________________

 

 

 

 

 

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