When a New Partner Is Admitted into a Partnership and the Old

question 20

Multiple Choice

When a new partner is admitted into a partnership and the old partners' goodwill is recognized,the goodwill is allocated to:
I.all the partners in their profit-and-loss-sharing ratio.
II.the old partners in their profit and loss sharing ratio.

• A)I only
• B)II only
• C)Either I or II
• D)Neither I nor II

---

Definitions:

Bureau-Level Agency

A specific tier within a federal department focused on a particular area of administration or regulation.

Independent Agency

An agency of the government that is created by an act of Congress and is independent of the executive departments, designed to impose and enforce regulations free of political influence.

Implementation

The process of putting plans, strategies, or laws into effect, often referring to how government policies are executed in the real world.

Line Agencies

Line agencies are government departments or organizations that directly execute the policies and plans of the government by delivering services to the public.