2. In a partnership, a partner who is unknown to the other part- ners, yet participates in the running of the firm is a partner. A. limited B. active C. silent D. secret
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- Which of the following is a disadvantage of the partnership form of organization? A. limited life B. no taxation at the partnership level C. flexibility in business operations D. combining of financial resources3. Suppose A, B, and C are not really partners, but A told X that A, B, and C are partners. X, believing the representation made by A and consented to by B, extend ed credit to A. What type of partnership was described? Explain.Which of the following is not a characteristic of a partnership firm? Select one: A. Limited Liability B. Easy Formation C. Mutual Consent D. Equal Profits
- What is the liability of partners in a partnership firm? Select one: A.Limited B. No Liability C. Unlimited D. Limited to the capital of businessS1: In a partnership, at least one partner is required to be a/an limited partner in order to ensure partnership creditors will be paid and protected S2: Unpaid liabilities should be included in computing for the total loss attributed to the partners. * A. Both statements are true B. s1 True; S2 False C. S2 True; S1 False D. Both statements are false S1: Joint Control is present if tow ore more parties have greater than 50% Control.S2: One Party has more than 50% in a joint arrangement * A. Both statements are false B. Both statements are true C. S2 True; S1 False D. s1 True; S2 False S1: If the total contributed capital of THE partnership is greater than the total agreed capital, it is possible that a goodwill be recognized or an undervaluation of asset occurred.S2: Noncash assets sold by the partnership will prioritize payment of Creditors * A. Both statements are false B. s1 True; S2 False C. Both statements are true D. S2 True; S1 FalseII. Write the word or group of words that identify each of the following statements. 1. A partnership wherein all the partners have limited liability except or at least one general partner. 2. The contribution of an industrial partner 3. A partner who contributes money, property, and industry. 4. Any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activity. 5. A partnership which failed to comply with one or more of the legal requirements for its establishment. 6. An entry prepared when industry is contributed into the partnership. 7. A partnership organized for the purpose of rendering service.…
- 4. The objective of preparation of income statement of partnership is: a.To show the income and expenses of the partnership firm b.To show the financial position of business c.To show how net profit has been distributed among partners d.To show the ratio of capital of partnersWhich of the following statements is most true? a. The liability for other partners’ wrong doings is limited to the amount a particular partner has invested in the partnership. b. Partnerships are formed in accordance with specific guidelines that include the filing of a formal written agreement to the government. c. A fast growing firm would be more probable to establish a partnership as its business form than would a slow growing firm. d.Corporations can easier attract investors than those of the partnership and sole proprietor businesses.Which of the following is NOT a characteristic of a partnership? a. Partners have mutual agency b. Partners are able to contract on behalf of the partnerships. c.Partnership income is tax free d.Partnerships are easy to form
- In which of the following type of partnership, partners risk only their investment in the business and are not subject to the same liabilities, as long as they do not participate in the management and control of the enterprise a. General Partnership b. Limited Partnership c. All of the above d. S Partnership Clear my choice3- The objective of preparation of income statement of partnership is: a. To show the ratio of capital of partners b. To show the financial position of business c. To show the income and expenses of the partnership firm d. To show how net profit has been distributed among partners1. S1: In a partnership, at least one partner is required to be a/an limited partner in order to ensure partnership creditors will be paid and protectedS2: Unpaid liabilities should be included in computing for the total loss attributed to the partners. * Both statements are false S1 True; S2 False S2 True; S1 False Both statements are true 2. [S1] Forming a partnership requires two or more people agreeing to be partners contributing all their personal properties. [S2] Oral agreements of partners are not allowed. * Statement 2 is true. Both statements are true. Both statements are false. Statement 1 is true.