Which of the Following Statements About Partnerships Is Incorrect

question 132

Multiple Choice

Which of the following statements about partnerships is incorrect?

• A) Partnership assets are co-owned by partners.
• B) If a partnership is terminated the assets do not legally revert to the original contributor.
• C) If the partnership agreement does not specify the manner in which net income is to be shared it is distributed according to capital contributions.
• D) Each partner has a claim on assets equal to the balance in the partner's capital account.

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