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:

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Data that can be counted or measured numerically, often used for statistical analysis and comparison.

Sustainability Vision Statement

A declaration of an organization's objectives and approach towards integrating environmental, ethical, and social considerations into its operations for long-term viability.

Economic Improvements

Enhancements or positive changes in the economic conditions of a region, sector, or community, often reflected in metrics like GDP growth, employment rates, and living standards.

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