Regarding Partnership Property

question 7

Multiple Choice

Regarding partnership property:

• A) only a managing partner has the right to use firm property for firm business.
• B) where a three-person partnership owns three autos, each partner owns one of the autos individually.
• C) on the death of a partner, that partner's share of partnership property vests in his or her next of kin.
• D) a creditor of a partner cannot proceed against any specific items of partnership property.

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Definitions:

Allowance for Doubtful Accounts

A contra asset account used to estimate the portion of a company's receivables that may not be collectible.

Bad Debts Expense

This is an expense reported on the income statement, reflecting the cost of credit sales that a company does not expect to collect.

Lesbians

Women who are emotionally, romantically, or sexually attracted to other women.

Gay Men

Male individuals who are emotionally, romantically, or sexually attracted to other males.