Quiz 12/2/2023

Quiz 12/2/2023

University

45 Qs

quiz-placeholder

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Quiz 12/2/2023

Quiz 12/2/2023

Assessment

Quiz

Specialty

University

Medium

Created by

John Joson

Used 1+ times

FREE Resource

45 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The individual assets invested by a partner in a partnership

revert back to that partner if the partnership liquidates.

determine that partner's share of net income or loss for the year.

are jointly owned by all partners.

determine the scope of authority of that partner.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which one of the following would not be considered a disadvantage of the partnership form of organization?

Limited life

Unlimited liability

Mutual agency

Ease of formation

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The partnership form of business is

restricted to law and medical practices.

restricted to firms having fewer than 10 partners

not restricted to any particular type of business.

most often used in relatively large companies.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is not a principal characteristic of the partnership form of business organization?

Mutual agency

Association of individuals

Limited liability

Limited life

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The partnership agreement should include each of the following except the

date of the partnership inception. .

principal location of the firm

surviving family members in the event of a partner's death.

Each of these should be included.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following statements is true regarding the form of a legally binding partnership contract?

The partnership contract must be in writing.

The partnership contract may be based on a handshake.

The partnership contract may be implied.

The partnership contract cannot be oral.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following statements about a partnership is correct?

The personal assets of a partner are included in the partnership accounting records.

A partnership is not required to file an information tax return.

Each partner's share of income is taxable to the partnership.

A partnership represents an accounting entity for financial reporting purposes.

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