Which of the Following Are Usually Included in a Written

question 227

Multiple Choice

Which of the following are usually included in a written partnership agreement:

• A) place and date of formation
• B) the distribution of profits
• C) priority rights in payments
• D) how partnership shares will be valued
• E) all of the other specific choices are usually included

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Definitions:

Accounting Records

Documentation and books that keep track of the financial transactions of a business or individual, forming the basis for its financial statements.

Asset

Resources controlled by a business from which future economic benefits are expected to flow to the business, including both physical items and intangible properties.

Credit

An entry on the right side of a double-entry bookkeeping system that increases liabilities and equity or decreases an asset or expense.

Cash Received

The amount of money received by a company during a period from various sources including operations, investments, and financing.