Which of the Following Is an Advantage of a Partnership

question 278

Multiple Choice

Which of the following is an advantage of a partnership?

• A) Ease of starting and ending the business
• B) Unlimited liability
• C) Shared management and pooled skills
• D) Little time commitment

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Definitions:

Loss on Disposal

A financial loss that occurs when the selling price of an asset is less than its carrying amount.

Revenue Account

An account that shows the income generated by a business from its normal operational activities.

Fully Depreciated

A status of a fixed asset when its book value is reduced to zero through depreciation over its useful life, assuming it has no salvage value.

Discarded

Refers to items or materials that have been thrown away or disposed of because they are no longer useful or required.