Which of the Following Is True of Partnership Property

question 26

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 though a contrary intent is clearly shown.
• D)It 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:

Security Instrument

A legal document that secures the payment of a debt or performance of an obligation by granting an interest in a piece of property.

Registration

The act of recording or enrolling an entity's details officially with an organization or authority, often to grant it certain rights or privileges.

Possession

The state of having, owning, or controlling something.

Creditor

An individual, organization, or entity to whom money is owed by a debtor.