For Which of the Following Reasons May a Partner Demand

question 21

Multiple Choice

For which of the following reasons may a partner demand an accounting?

• A) Whenever the copartners wrongfully exclude a partner from the partnership or from access to the books.
• B) Whenever any partner fails to disclose a profit or benefit from the partnership.
• C) Whenever circumstances render an accounting as "just and reasonable."
• D) Whenever the copartners wrongfully exclude a partner from the partnership or from access to the books, whenever any partner fails to disclose a profit or benefit from the partnership, and whenever circumstances render an accounting as "just and reasonable."
• E) Whenever the copartners wrongfully exclude a partner from the partnership or from access to the books, and whenever any partner fails to disclose a profit or benefit from the partnership, but not whenever circumstances render an accounting as "just and reasonable."

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Definitions:

Transaction Motive

The need to hold money for the purpose of conducting everyday transactions.

Precautionary Cash

Funds held by individuals or firms to deal with unexpected events or emergencies, providing a buffer against financial issues.

Credit Availability

The ease with which individuals or companies can obtain loans or other forms of credit from financial institutions.

Income Level

The term income level refers to the amount of money earned by an individual, household, or economic entity within a specific period, often categorized for statistical analysis.