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WorksheetsQ-Confras-Mod3
Total questions: 10
Worksheet time: 7mins
Easy. Which of the following is not a characteristic of partnership?
Unlimited Life
Co-ownership of Partnership Property
Mutual Agency
Unlimited Liability
Easy. The partner who can lose only what he has invested in the business
General partner
Industrial partner
General partner
Limited partner
Average. Which of the following statements is true?
A written agreement is required to form a partnership.
A capitalist-industrial partner can also be a limited partner.
If there is no agreement, partners shall contribute capital equally.
A limited partnership only has limited partners.
Easy. The partnership that exists in ‘fact’ and in ‘law’
De jure partnership
Legal partnership
Formal partnership
De facto partnership
Difficult. Which of the following is incorrect?
Partnership creditors have preference over the partners with regards to partnership properties.
Capitalist partners must contribute additional capital in case of imminent loss, unless stipulated otherwise.
Failure to contribute property promised makes the partner a debtor of the partnership.
Every partner is an agent of the partnership and can act outside his express or implied authority.
Easy. As a general rule, what should be the basis of valuing non-cash considerations?
Fair Market Value
Face Value
Partner’s Agreement
Assessed Value
Average. Vince, Kath and James decided to form a business together. They listed the essential terms of their business along with their rights and duties. What writing has been created?
Articles of Incorporation
Articles of Co-Partnership
Division of Partnership Agreement
Partnership By-laws
Average. Partners commonly observe the following to ensure honesty and fairness in doing business except:
Execution of Partnership Contract
Incorporation of a Partnership
Adjustment of Accounts Prior to Formation
Valuation of Partners’ Investment
Easy. Which would least likely be stated in the articles of co-partnership a.
How much each partner will invest
What the duties of each partner are
Where the partnership will be located
What products the company will sell
Average. A group of CPAs decided to form a partnership to practice public accounting. This partnership is an example of a(n)
General Purpose Partnership
General Professional Partnership
Partnership at Will
Partnership with a fixed term or for particular undertaking
