Match Each of the Following Terms with the Appropriate Definitions

question 96

Multiple Choice

Match each of the following terms with the appropriate definitions.
-A financial statement that shows total capital balances at the beginning of the period,any additional investment by partners,the income or loss of the period,the partners' withdrawals,and the ending capital balances.

• A)General partner
• B)Limited liability partnership
• C)Unlimited liability of partners
• D)C corporation
• E)Statement of partners' equity
• F)Mutual agency
• G)Limited partnership
• H)S corporation
• I)Partnership
• J)Partnership contract

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Definitions:

Liability

A legal responsibility or obligation, often of a financial nature.

Ratification

The act of giving formal consent to a treaty, contract, or agreement, making it officially valid.

Void

A legal term indicating that a contract or agreement is null, invalid, and has no legal effect.

Disaffirm

The legal act of denying or rejecting a contract or agreement, especially by a party who was not competent to enter it at the time of agreement.