Which of the Following Does the Duty of Obedience That

question 45

Multiple Choice

Which of the following does the duty of obedience that one partner owes to another reference?

• A) The duty to obey instructions of any other partner.
• B) The duty to keep other partners informed of the finances of the partnership.
• C) The duty to keep other partners informed of partnership debts.
• D) The duty to obey the articles of partnership.
• E) The duty to reimburse the partnership for any personal expenditures.

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Definitions:

Work Sheet

A paper or electronic document used by accountants to compile and analyze financial information prior to preparing financial statements.

Net Income

The total earnings of a company after subtracting all expenses, including taxes and operating expenses.

Income Summary

An account used in the closing process that summarizes revenues and expenses for a specific period, facilitating the transfer of their net effect to capital or owner's equity.

Closing Entries

At the close of an accounting cycle, transactions are documented to move amounts from temporary accounts to those that are permanent.