Which of the Following Statements About the History of Partnerships

question 71

Multiple Choice

Which of the following statements about the history of partnerships is false?

• A)Partnerships were known in ancient Babylonia,ancient Greece,and the Roman Empire.
• B)During the Middle Ages,much trade between nations was carried on by partnerships.
• C)The definition of a partnership in the 6th-century Justinian Code of the Roman Empire varies greatly from that in our laws today.
• D)English common law recognized the partnership by the close of the 17th century.

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Definitions:

CCA

Capital Cost Allowance; a tax deduction in Canada for the depreciation of tangible property.

Earnings Before Interest And Taxes

A measure of a firm's profit that includes all income and expenses except interest and income tax expenses.

Retained Earnings

The portion of a company's profits that is kept or retained rather than distributed to shareholders or owners as dividends.

Net New Equity

The amount of equity capital a company raises through the issuance of new shares minus any shares it has bought back, reflecting the net increase in share capital.