Multiple choice na ng ParCor to

A partner cannot bind the partnership to an outside purchase contract when?

• A, the item purchased is immaterial in amount.

• B, the item purchased is not within the normal scope of the business.

• C, the partners who made the purchase withdraw from the partnership.

• D, the partner was not authorized by the other partners to make the purchase.

Which of the following is not a characteristic of the partnership?

•  A, voluntary association.

• B, mutual agency.

• C, limited liability

• D, limited life.

A partner whose liability for partnership debts is only to the extent of what he has invested in the partnership is called?

• A, limited partner.

• B, general partner.

• C, industrial partner.

• D, nominal partner.

Partners' investment may include which of the following?

• A, cash.

• B, non-cash assets.

• C, non-cash assets without tax liability assumed by the partnership.

• D, only A and B.

• E, ALL OF THE ABOVE

When a partner invests non-cash assets into the partnership, this asset should be recorded at?

• A, their book value.

• B. their original cost to the previous owner.

• C, their fair market value.

• D, the value assigned by the contributing partner.

A partner who contributes expertise, services, or industry to the common fund of the partnership is called?

• A is limited partner.

• B, capitalist partner.

• C, money-making partner.

• D, industrial partner.

A partnership means

• A, is created by agreement of the partners.

• B, as a juridical personality distinct and separate from that of each of the partners.

• C, may be constituted in any form except where a movable property is considered, in which case the law requires that a public instrument be executed.

• D, all of the above.

One of the following is not a characteristic of a contract of partnership.

• A, principal because it can stand by itself.

• B, preparatory because it is means by which other investment will be entertained.

• C, real, and the partners must deliver their contribution in order for the partnership.

• D, contract to be perfected.

One of the following is not a requisite of partnership. Which is?

• A, there must be a valid contract.

• B, there must be a mutual contribution of money, property, or industry to a common fund.

• C. it is established for the common benefit of the partners.

• D, divide the same among themselves.

A partnership formed for the exercise of a profession which is duly registered is an example of?

(gawa-gawang choices lang to pero nandito ang sagot)

• GENERAL PROFESSIONAL PARTNERSHIPS

• DE JURE PARTNERSHIP

• DORMANT PARTNERSHIP

• PICPA