Partnership Account: Terminologies Used - SS2 Accounting Past Questions and Answers - page 1

The amount of money or assets that each partner has invested in the partnership

The profits earned by the partnership

The expenses incurred by the partnership

The amount of money owed by the partnership to creditors

The value of the partnership's reputation and customer base

The amount of money paid by the partnership to each partner for the use of their invested capital

The portion of profits that is set aside for future business needs or as a contingency fund

The legal document that outlines the terms and conditions of the partnership

The amount of money paid by the partnership to each partner for the use of their invested capital

The amount of money owed by the partnership to creditors

The portion of profits that is set aside for future business needs or as a contingency fund

The allocation of profits among partners based on their ownership percentage

The record of transactions of each partner with the partnership

The legal document that outlines the terms and conditions of the partnership

The value of the partnership's reputation and customer base

The allocation of profits among partners based on their ownership percentage

The portion of profits that is set aside for future business needs or as a contingency fund

The amount of money paid by the partnership to each partner for the use of their invested capital

The value of the partnership's reputation and customer base

The allocation of profits among partners based on their ownership percentage