Details Title: Accounting II Description: Chapter 12 Total Flash Cards: 9 Created: 02/05/2008 12:11:57		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Accounting Flashcards
Cards in this set: Term Deficiency Definition The debit balance in the owner's equity account of a partner. 542 Term Limited Liability Company (LLC) Definition A relatively new business entity form that overcomes some of the disadvantages of the partnership form while retaining some of its advantages. 528 Term Liquidation Definition When a partnership goes out of business, it usually sells the assets, pays the creditors, and ditributes the remaining cash or other assets to the partners. 539 Term Partnership Definition An association of two or more persons who own and manage a business for profit. 527 Term Partnership Agreement, or Articles of Partnership Definition A contract created for a new partnership. It should include statements regarding such matters as amounts to be invested, limits on withdrawls, distributions of income and losses, and admission and withdrawal of partners. 527 Term Realization Definition Selling the partnership assets. 539 Term Statement of Members' Equity Definition A summary of the changes in each member's equity in a limited liability corporation that have occurred during a specific period of time. 545 Term Statement of Partnership Equity Definition What the change in the owners' capital accounts for a period of time is reported in. 544 Term Statement of Partnership Liquidation Definition A statement that summarizes the liquidation process. See Exhibit 5 on page 540. 540