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Statement 1: A partnership is an organization where two or more persons bind themselves to contribute money, property, or industry into a common fund with the intention of dividing the profits among themselves.

Statement 2: regardless if it is oral or in writing as long as the contract is valid, the partnership is also valid.

• A) True, True

• B) True, False

• C) False, True

• D) False, False

Statement 1: A limited partner can contribute either money, property or industry to the partnership.

Statement 2: The name of limited partnership should include the word limited or "ltd"

• A) True, True

• B) True, False

• C) False, True

• D) False, False

Statement 1: Partnership is always taxable like corporation

Statement 2: All limited partners are Capitalist Partner but not all capitalist partners are general partner.

• A) True, True

• B) True, False

• C) False, True

• D) False, False

Statement 1: As a rule, all partners can participate on the management except for Limited partner.

Statement 2: The name of the partnership should be unique and not misleading

• A) True, True

• B) True, False

• C) False, True

• D) False, False

Statement 1: If the life of the Partnership is not stated in the contract, then it is a partnership at will

Statement 2: De Jure partnership is one which has not complied with all the legal requirements for its establishment

• A) True, True

• B) True, False

• C) False, True

• D) False, False

A partnership where all partners are general partner

• General partnership

• limited partnership

• general limited partnership

• none

one who can manage the partnership, can contribute money, property and industry, and has uinlimited liability

• general partner

• limited partner

• capitalist partner

• industrial partner

The following are features of partnership except

• division of profits and losses

• mutual agency

• limited life

• limited liability

a partner who does not take an active part in the business of the partnership and is not known as a partner

• nominal partner

• secret partner

• silent partner

• dormant partner

what will be the journal entry if abad invested 150,000 cash in the partnership?

• A) Dr. Cash 150,000
  Cr. abad, capital 150,000

• B) Dr. abad, capital 150,000
  Cr. cash 150,000

• C) Dr. cash 150,000
  Cr. abad, drawing 150,000

• D) Dr. abad, drawing 150,000
  Cr. cash 150,000