Ch 12 Practice quiz

Ch 12 Practice quiz - Review Assessment Chapter 12 Matching Quiz 1 Questio 3 out of 3 points n1 Question A summary of the changes in each partner's

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Review Assessment: Chapter 12: Matching Quiz 1 Questio n 1 3 out of 3 points Question A summary of the changes in each partner's capital of a partnership that have occurred during a specific period of time. A business form consisting of one or more persons or entities filing an operating agreement with a state to conduct business with limited liability to the owners, yet treated as a partnership for tax purposes. The formal written contract creating a partnership. The debit balance in the owner's equity account of a partner. The sale of assets when a partnership is being liquidated. Questio n 2 3 out of 3 points Question A summary of the changes in each member's equity of a limited liability company that have occurred during a specific period of time. The winding-up process when a partnership goes out of business. An unincorporated business form consisting of two or more persons conducting business as co-owners for profit.
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Review Assessment: Chapter 12: True/False Quiz Question 1 1 out of 1 points Partners are legally employees of the partnership, and their capital contributions are considered a loan. Correct Answer: False Feedback : Correct. Partners are owners in a partnership, and their capital contributions are not loans to the partnership (even though they may receive credit for interest on their capital balance). Neither are partners considered employees (even though they may receive a salary allowance). Question 2
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This note was uploaded on 06/20/2011 for the course ACT ACT 2292 taught by Professor Amyhulsey during the Fall '09 term at Troy.

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Ch 12 Practice quiz - Review Assessment Chapter 12 Matching Quiz 1 Questio 3 out of 3 points n1 Question A summary of the changes in each partner's

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