When the Articles of Partnership Are Silent,which of the Following

question 59

Multiple Choice

When the articles of partnership are silent,which of the following property rights do partners have?

• A) The right to participate in the management of the business, the right to possess partnership property, and the right to an interest in the partnership.
• B) The right to participate in the management of the business, but not the right to possess partnership property or the right to an interest in the partnership.
• C) The right to participate in the management of the business and the right to possess partnership property, but not the right to an interest in the partnership.
• D) The right to participate in the management of the business and the right to an interest in the partnership, but not the right to possess partnership property.
• E) The right to possess partnership property and the right to an interest in the partnership; but not the right to participate in the management of the business because while the right to participate in management may exist, it is not a property right.

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Definitions:

Adjusting Journal Entries

Journal entries made at the end of an accounting period to allocate income and expenditures to the correct period.

NSF Check

A check that is not honored by the bank due to insufficient funds in the account to cover the amount written on the check.

Bank Reconciliation

The method of aligning and scrutinizing numbers from financial records with those presented in a bank statement to verify their consistency.

Interest Earned

The income received from investments in financial instruments like savings accounts, bonds, and loans, usually calculated as a percentage of the principal amount.