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:

Phallic Stage

A stage in Freud's psychosexual development theory occurring between ages three and six, where the child's libido is focused on the genital area, leading to identification with the same-sex parent.

Reaction Formation

Reaction formation is a psychological defense mechanism in which an individual acts in a manner opposite to their actual feelings or desires.

Defense Mechanism

A psychological strategy unconsciously used to protect a person from anxiety arising from unacceptable thoughts or feelings.

Anal Stage

In Freudian psychology, a phase of child development characterized by focus on anal functions and the resultant conflicts.