A Partnership Is a ________

question 98

Multiple Choice

A partnership is a ________.

• A) firm listed on a stock exchange, in which no owner owns a controlling majority of equity
• B) business with two or more owners that is not organized as a corporation
• C) corporation in which the owners have limited liability for the organization's liabilities
• D) private firm in which all owners have equal ownership and limited liability in the event of a bankruptcy

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Definitions:

Journal Entry

A record in accounting that notes a specific financial transaction in the books, involving a debit and a credit.

Sacred Church

A holy and revered institution or place of worship affiliated with a particular religion or belief system.

Charge And Discharge Statement

A financial report detailing the charges or debits against an account and the credits or payments made to it, often used in the context of trust accounts or estates to show activities over a period.

Journal Entry

A record that keeps the details of a financial transaction in the accounting books, involving a debit and credit.