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A1C23

Accounting 1 Chapter 23

TermDefinition
distribution of net income statement a partnership financial statement showing net income or loss distribution to partners
limited liability partnership (LLP) a partnership that combines the advantages of the partnership and the corporation, while avoiding their disadvantages
liquidation of a partnership the process of paying a partnership's liabilities and distributing remaining assets to the partners
owner's equity statement a financial statement that summarizes the changes in owners' equity during a fiscal period
partner each member of a partnership
partnership a business in which two or more persons combine their assets and skills
partnership agreement a written agreement setting forth the conditions under which a partnership is to operate
realization cash received from the sale of assets during liquidation of a partnership
Created by: mrs226