Study Questions for Chapter 12

Study Questions for Chapter 12 - Who are the parties to...

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Study Questions, Chapter 12 1. Explain the characteristics of a partnership as discussed on pages 534 and 535. You can use the key phrases in italics, but use your own words to describe what they mean. 2. Which of these seem most important to you? Why do you think these are important? 3. Describe the key ways that partnerships are different from: a. Proprietorships b. Limited Liability Companies 4. On pages 537 through 540 there are two main transactions described. a. Idendify the first transaction and describe what is actually happening.
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Unformatted text preview: Who are the parties to this transaction? What is the purpose of the transaction? What effect does this transaction have on Assets, Liabilities, Owner Equity, Revenue, and Expense? b. Idendify the second transaction and describe what is actually happening. Who are the parties to this transaction? What is the purpose of the transaction? What effect does this transaction have on Assets, Liabilities, Owner Equity, Revenue, and Expense?...
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This note was uploaded on 02/11/2012 for the course BUSINESS 130 taught by Professor Mccormack during the Fall '10 term at Berea.

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