A Major (Advantage/disadvantage)____________________ of a Partnership Is Mutual Agency

question 11

Short Answer

A major (advantage/disadvantage)____________________ of a partnership is mutual agency.

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Definitions:

Expenses

Costs incurred by a business in the process of earning revenue.

Consuming Services

Consuming services refers to the use of services provided by businesses or individuals which are utilized and exhausted during the process, such as electricity, consulting, or maintenance services.

Generating Revenues

The process of bringing in income from business activities, sales, or services offered.

Drawing Account

An account used to track withdrawals made by the owner from the business for personal use.