Which of the Following Statements Is True of Partnership

question 90

Multiple Choice

Which of the following statements is true of partnership?

• A)If the partners have no partnership agreement specifying how to divide profits and losses, then they share equally.
• B)It is legally required to share the profit and losses equally, irrespective of the partnership agreement.
• C)The stated ratio of profit sharing needs to be approved by the SEC.
• D)The profit sharing is always based on each partner's capital balances and any losses will be shared equally.

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Definitions:

Recommendation Letter

A document written to provide a reference or endorsement of an individual's skills, character, and achievements.

Stamped

Marked or impressed with a pattern, symbol, or message using a stamp or similar device.

Preaddressed Envelope

An envelope with a printed address on it, typically used for the recipient to send a response or return documents.

Routine Reply

A standard or expected response in a given situation, often used in customer service or email communication.