Which of the Following Is True of a General Partnership

question 38

Multiple Choice

Which of the following is true of a general partnership?

• A)Each partner has all the privileges and risks of ownership.
• B)The income of a general partnership is subject to double taxation.
• C)Each partner's liability is limited to their contributed capital.
• D)When a general partner contributes a particular asset to the firm,he or she is considered the sole owner of the asset.

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Definitions:

Mean

The arithmetic average of a set of values or quantities, calculated by adding them together and dividing by the number of terms in the set.

Median

The middle value in a data set, which divides the data into two halves, or the value that has an equal number of data points above and below it.

Mode

The data point that is most frequently encountered in a set of data.

Raw Data

Untreated and unprocessed data collected directly from a source, prior to undergoing any form of analysis or manipulation.