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WorksheetsMultiple choice na ng ParCor to
Total questions: 25
Worksheet time: 25mins
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
The following are the essential elements or features of a partnership except.
A, must have a lawful object or purpose.
B, there must be a contribution of money, property, or investments.
C, the intention to divide and to continue...something daw
Partner who manages actively the firm's affairs is called?
A, silent.
B, liquidating.
C, managing.
D, dormant.
What kind of partnership is he?
(the managing daw, galing sa sagot kanina)
silent partner
managing partner
dormant partner
industrial partner
Partner who does not participate in the management but he shares in the profits or losses is called?
A.Liquidating.
B, nominal.
C, ostensible.
D, silent.
A partner can engage in business for himself without the consent of his co-partners. If he is
A, capitalist partner, whether or not the business will engage in is of the same kind or different from the partnership business.
B, industrial partner, whether or not the business he will engage in is of the same kind as or different from the partnership business.
C, a capitalist partner and the business he will engage in is of kind different from the partnership business.
D,industrial partner, and the business he will engage in is of kind different from the partnership business.
A partner's interest in the partnership is his share of the profit in surplus which he may assign to the third person which is of the following statement concerning such right is correct.
(hindi daw sure si Shane sa sagot dito)
A, the convenience of a partner's interest will cause the dissolution of a partnership.
B, the assignee becomes a partner.
C, the assignee has the right to interfere in the management of the partnership business.
D, the assignee has the right to receive the profit which the assigning partner would otherwise be entitled there to.
A newly admitted general partner is liable to the creditor existing at the time of his admission and the liability is
A, up to his capital contribution only if there is stipulation.
B, up to his separate property even if there is
C, capital contribution even if there is stipulation.
D, up to his separate property even only if there is stipulation.
The remedy of capitalist partners against an industrial partner who engages in a business for himself without the express permission from the partnership
A, to compel him to sell his interest to the said capitalist partner.
B, to exclude him from sharing in the profits of.
C, to exclude him from sharing in the profits of the partnership.
D, to expel him from the partnership and claim for damages.
A partnership which comprises all the profits that all the partnerships acquired by their work or industry during the existence of the partnership is called.
A universal partnership of the present property.
B, a universal partnership of profits.
C, particular partnership.
D.Partnership at will.
A partnership without a definite period of existence and which can be dissolved at any time by any of the partners is called.
A universal partnership of the present property.
B, universal partnership of profits.
C, particular partnership.
D, partnership at will.
Which among of the following is not a characteristic of a partnership firm?
A, easy formation.
B, equal profits.
C, limited liability.
D, mutual consent.
which of the following is a characteristic of most partnerships?
A, limited liability.
B, division of profits only.
C, unlimited life.
D, mutual contribution.
Which of the following is not a characteristic of partnership life?
A, easy formatipn.
B, equal profits.
C, limited liability.
D, mutual consent.
A partnership is
A, is created by agreement of the partners.
B, as juridical personalities separate and distinguish from each other of the partners.
C may be constituted by form except when immovable property or rights are contributed, in which case the law required the public instrument be executed.
D, is dissolved by death of the partner.
E, all of the above.
An advantage of the partnership as a form of business organization would be?
A, partners do not pay income taxes on their share in partnership.
B, the death or withdrawal of a partner may terminate a partnership.
C, a partnership is created by mere agreement of the partners.
D, partnership is bound by the acts of the partners
