SECTION 8: Partnerships
Cards (21)
- What is a partnership?
- What are the features of a partnership?
- What is a limited partnership?
- What happens to a limited partner's liability upon business failure?
- What is one condition for becoming a limited partner?
- What must be done for a business to be a limited partnership?
- What are the key components of profit sharing in a partnership?
- Is it necessary to have a written agreement for profit-sharing in a partnership?
- If a partnership's profit is $100,000 and shared 3:2, what is Liam's share?
- How is interest on capital calculated for a partner who contributed $50,000 at 10%?
- What is the purpose of a partnership salary?
- If Liam withdraws $1,000 and interest on drawings is 10%, what is the interest charged for 9 months?
- What accounts are needed to prepare for a partnership's financial position?
- What does the capital account record in a partnership?
- What does the drawings account record?
- What happens to the drawings account at the end of the year?
- How does interest on drawings affect partnership profits?
- What does a debit balance in a current account indicate?
- What does a credit balance in a current account indicate?
- If Sean and Kensa have debit balances, what does that mean?
- What does Dana's credit balance indicate?
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