Match the Following: A.An Association of Two or More Persons to Carry on to Carry

question 3

Essay

Match the following:
a.An association of two or more persons to carry on as co-owners a business for profit.b.An organization has a separate legal existence from its members/owners.c.A creditor must bring suit against all partners as a group,and the judgment must be against all of the obligors.d.Total money and property contributed and dedicated by the partners for use by the partnership.e.Combination of all assets of two or more entities.f.The right one person has to choose her partners.g.Imposes partnership duties and liabilities on a nonpartner who has either represented himself or consented to be represented as a partner.h.Situations in which the RUPA requires a partnership to wind up and terminate;under the UPA,the change in relation of partners caused by any partner's ceasing to be associated in the carrying on of the business.i.Type of judicial lien against a partner's transferable interest.j.Completing unfinished business,collecting debts,and distributing assets to contributors and partners;also called liquidation.k.Noncorporate business organization that provides limited liability to all of its owners and permits all of its members to participate in management of the business.l.Under the RUPA,a partner's ceasing to be associated in carrying on of the business.m.A partnership formed by two or more persons under the laws of a state and having one or more general partners and one or more limited partners.n.General partnership that,by making a statutorily required filing,limits the liability of its partners for some or all of the partnership's obligations.o.A group of individuals having no legal existence separate from that of its members.
-dissociation

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Definitions:

Initial Recognition

refers to the first time an entity records an asset, liability, equity, income, or expense based on its recognition criteria in the accounting records, establishing its inclusion in the financial statements.

Accumulated Depreciation

The total amount of depreciation expense that has been charged against an asset over its life up to a specific date.

Impairment Losses

Losses recognized when the carrying amount of an asset, or a cash-generating unit, exceeds its recoverable amount.

Productive Life

is the period during which an asset remains functional and can produce goods or services that are useful for the entity owning it.