Which of the Following Is True of Partnership Property

question 25

Multiple Choice

Which of the following is true of partnership property?

• A) The fact that property is used in the business makes it partnership property though it does not show in the account books.
• B) Payment by the partnership of taxes or insurance on property is conclusive evidence that the property is owned by the partnership.
• C) Any property acquired with partnership funds is partnership property even if a contrary intent is shown.
• D) Partnership property includes all property that originally was contributed to the partnership as well as anything purchased then or later for the partnership.

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Definitions:

Model

A representation or abstraction of a real-world situation, phenomenon, or system, often used for analysis or prediction.

Thousands Passengers

Thousands Passengers refer to a unit of measurement, often used in transportation statistics, to quantify the number of passengers in multiples of thousands.

Standard Form

An equation format, especially for linear equations, where Ax + By = C, where A, B, and C are integers, and A should be non-negative.

Imaginary Unit

The unit of an imaginary number, usually denoted as 'i', and defined as the square root of -1.