Which of the Following Is a Way That a Person

question 49

Multiple Choice

Which of the following is a way that a person not named in a partnership agreement may be considered a partner?

• A) Partnership by common.
• B) Partnership by assumption.
• C) Partnership by estoppel.
• D) Partnership by equity.
• E) None of these because a person not named in a partnership agreement may not be considered a partner.

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Definitions:

Accounts Receivable

Money owed to a company by its customers for products or services that have been delivered but not yet paid for.

Accrued Liabilities

Expenses that have been incurred but not yet paid, recognized on the balance sheet for financial reporting purposes.

Quality Of Income Ratio

A ratio that indicates the proportion of income that has been realized in cash and thus gives an idea of the company's cash flow condition.

Accrual Of Revenue

The recognition of income by a business at the time the revenue is earned, not necessarily when cash is received.