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5 Cards in this Set
- Front
- Back
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Partnership Assets Contributed
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are recorded at their Fair Values.
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Partnership Liabilities Assumed
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are recorded at their present value.
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When a partnership incorporates
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assets and liabilites must be revalued to their fair market values on the date of incorporation.
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Personal Financial Statements
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1)Statement of Financial Condition
2)Statement of Changes in Net worth |
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Statement of Financial Conditon
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presents estimated current values of assets, estimated current amounts of liabilities,
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