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Accounting 202

Exam 1- Partnerships and Chapter 10

QuestionAnswer
A debit balance in a partner's capital account after allocation of gain or loss. Capital deficiency
A partner who has unlimited liability for the debts of the firm General partner
The basis for dividing net income and net loss in a partnership. Income ratio
A form of business organization, usually classified as a partnership and usually with limited life, in which partners, who are called members, have limited liability. Limited liability company
A partnership of professionals in which partners are given limited liability and the public is protected from malpractice by insurance carried by the partnership. Limited liability partnership
A partner who has limited liability for the debts of the firm. Limited partner
A partnership in which one or more general partners have unlimited liabilty and one or more partners have limited liability for the obligations of the firm. Limited partnership
All partners have credit balances after allocation of gain or loss. No capital deficiency
The owners' equity statement for a partnership which shows the changes in each partner's capital balance and in total partnership capital during the year. Partners' capital statement
An association of two or more persons to carry on as co-owners of a business for profit. Partnership
A written contract expressing the voluntary agreement of two or more individuals in a partnership. Partnership agreement
A change in partners due to withdrawl or admission, which does not necessarily terminate the business. Partnership dissolution
An event that ends both the legal and economic life of a partnership. Partnership liquidation
Corporation, with 75 or fewer stockholders, that is taxed like a partnership. "S" corporation
A schedule showing the distibution of cash to the partners in a partnership liquidation. Schedule of cash payments
A legal document that incidates the name of the issuer, the face value of bonds, and such other data as the contractual interest rate and the maturity date of the bonds. Bond certificate
A form of interest-bearing notes payable issued by corporations, universities, and governmental entities. Bonds
Bonds that are the issuing company can retire at a stated dollar amount prior to maturity. Callabale bonds
A type of lease whose characteristics make it similar to a debt-financed purchase and that is consequently accounted for in that fashion. Capital lease
Events with uncertain outcomes, such as a potential liability that may become an actual liability sometime in the future. Contingencies
Rate used to determined the amount of interest the borrower pays and inverstors receive. Contractual (stated) interest rate
Bonds that permit bondholders to convert them into common stock at their option. Convertible bonds
A debt that a company reasonably expects to pay (1) from existing current assets or through creation of other current liabilities, and (2) within one year or the operating cycle, whichever is longer. Current liability
The difference between the face value of a bond and its selling, when a bond is sold for less than its face value. Discount (on a bond)
A method of amortizing bond dicount or bond premium that results in periodic interest expense equal to a constant percentage of the carrying value of the bonds. Effective-interest method of amortization
Rate established when bonds are issued that remains constant in each interest period. Effective-interest rate
Amount of principal due at maturity date of the bond. Face value
Obligations that a company expects to pay more than one year in the future. Long-term liabilities
The rate investors demand for loaning funds to the corporation. Market interest rate
The date on which the final payment on a bond is due from the bond issuer to the investor. Maturity date
A long-term note secured by a mortgage that pledges title to specific units of property as security for the loan. Mortgage note payable
An obligation in the form of a written promissory note. Note payable
The international effort by a company to structure its financing arrangements so as to avoid showing liabilities on its books. Off-balance-sheet financing
A contractual arrangement giving the lessee temporary use of the property with continued ownership of the property by the lessor. Accounted for as a rental. Operating lease
The difference between the selling price and the face value of a bond when a bond is sold for more than its face value. Premium (on a bond)
The value today of an amount to be recieved at some date in the future after taking into account current interest rates. Present value
Bonds that have specific assets of the issuer pledged as collateral. Secured bonds
A method of amortizing bond discount or bond premium that allocates the same amount of interest expense in each interest period. Straight-line method of amortization
The relationship between time and money. A dollar received today is worth more than a dollar promised at sime time in the future Time value of money
A measure of a company's solvency, calculated by dividing income before interest expense and taxes by interest expense. Times interest earned ratio
Bonds issued against the general credit of the borrower. Unsecured bonds
Created by: hanalei1 on 2009-02-05



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