7 terms

Accounting - Chapter 23

STUDY
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Terms in this set (...)

Distribution of net income statement
A partnership financial statement showing net income or loss distribution to partners.
Liquidation of a partnership
The process of paying a partnership's liabilities and distributing remaining assets to the partners.
Owners' 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.
Realization
Cash received from the sale of assets during liquidation of a partnership.