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Accounting II
Chapter 12
9
Accounting
Undergraduate 2
02/05/2008

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Cards

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
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