Q30 QUESTION 27A General Partnership is dissolved upon the death of any of the partners. ( )TrueFalseQUESTION 28In Limited Partnerships, all partners must be UAE nationals. ( )Ⓒ TrueFalseQUESTION 29Marketing agents of a company is an example of special agency. ( )TrueFalseQUESTION 30If a stockbroker sells the shares of the principal at a price lower than that which the principal ordered, the stockbroker would be in breach of:a Fiduciary dutyOb. Duty of careOc. Duty to perform acts personallyd. Duty of obedience

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QUESTION 27 A General Partnership is dissolved upon the death of any of the partners.( ) True False

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 22E

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Concept explainers

Partnership Accounting

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.

Partner Admission and Withdrawal

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.

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