Which of the Following Is True of the Assets of a Partnership

question 74

Multiple Choice

Which of the following is true of the assets of a partnership?

• A)The partner who is more actively involved in the daily business affairs is considered to be the sole owner of the partnership's assets.
• B)Any new assets purchased by the partnership are jointly owned by each partner.
• C)When a partner contributes a particular asset to the firm,he is considered to be the sole owner of the asset.
• D)In case of liquidation of assets,the partners must be paid based on the profit sharing ratio of the partnership.

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Definitions:

Cognitive Development

The process of growth and change in intellectual/mental abilities such as thinking, reasoning, and understanding through childhood and adolescence into adulthood.

Concrete Operational

A stage in Piaget’s theory of cognitive development where children develop logical thinking skills but still struggle with abstract concepts.

Piaget

A Swiss psychologist known for his pioneering work in child development, particularly his theory of cognitive development that describes how children develop intellectual abilities.

Multidimensional Model

A framework that explains phenomena or behaviors by considering multiple factors and their interrelations.