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WorksheetsPARTNERSHIP AND CORPORATION - GENERAL CONCEPT AND FORMATION
Total questions: 10
Worksheet time: 3mins
A characteristic describing a partnership as a juridical personality which can acquire, sell or dispose properties and incur obligation is called
taxable entity
legal entity
mutual entity
voluntary entity
a business such as partnership has to file its partnership agreement and register its firm's name with these government agencies except one
Securities and Exchange Commission
Department of Trade and Industries
National Bureau of Investigation
Bureau of Internal revenue
An industrial partner cannot be a general partner
True
False
A capitalist partner cannot be a limited partner
False
True
The partner's personal account which was collected by partnership and credited to its account receivable is a violation of the
Partner's Equity Concept
Business Entity Concept
Realization Principle
Accrued principle
It is easier to change ownership in a corporation than in a partnership
True
False
The partners have the following rights except one
share in profits
receive net assets at liquidation point
co manage the business
transfer ownership at will
A characteristic of unlimited liability is a disadvantage from the viewpoint of the partnership creditors
True
False
A loan due to a partner is presented in the statement of financial position as a
Current Asset
Current Liability
Partner's Equity
Fixed Assets
Which of the following is not a characteristic of all partnership
Taxable entity
Co -ownership of property
Mutual agency
voluntary association
