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

question 115

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 the case of the liquidation of a partnership, the partners must be paid based on the profit sharing ratio of the partnership.

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Definitions:

Depression

A common mental health disorder marked by persistent sadness, loss of interest in activities, and a range of emotional and physical symptoms.

Oppositional Defiant Disorder

A behavioral disorder characterized by ongoing patterns of uncooperative, defiant, hostile, and annoying behavior towards authority figures.

Torture

The act of inflicting severe pain or suffering on someone, often to punish, coerce, or obtain information.

Blame Others

The act of attributing responsibility for one's own or shared problems or negative outcomes to other individuals or entities.