PARTNERSHIP AND CORPORATION- FORMATION AND DIVISION OF PROFIT

PARTNERSHIP AND CORPORATION- FORMATION AND DIVISION OF PROFIT

University

10 Qs

quiz-placeholder

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PARTNERSHIP AND CORPORATION- FORMATION AND DIVISION OF PROFIT

PARTNERSHIP AND CORPORATION- FORMATION AND DIVISION OF PROFIT

Assessment

Quiz

Business

University

Medium

Created by

Carlo MBA

Used 59+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

In a general partnership, only a majority of artners need to have unlimited liability to partnership creditors.

true

false

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

Partnerships are not required to pay taxes

true

false

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

The entity theory of equity is based on the notion that a business entity is distinct from the owners.

true

false

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

If there is conflict between agreed value and fair value, agreed value prevails.

true

false

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

There should always be at least one general partner in all types of partnership.

true

false

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

A partner who is active in the business and also known to the public is a dormant partner

true

false

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

the assumption of a liability by the partnership with regard to a noncash asset contributed in the partnership by a partner will affect the value assigned to the partner’s capital account

true

false

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