A Partnership Agreement

question 92

Multiple Choice

A partnership agreement:

• A) Is not binding unless it is in writing.
• B) Is the same as a limited liability partnership.
• C) Is binding even if it is not in writing.
• D) Does not generally address the issue of the rights and duties of the partners.
• E) Is also called the articles of incorporation.

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Definitions:

Reverse Order

A sequence of objects or tasks arranged in the opposite manner from which they were initially presented or executed.

Cost Flow Assumption

An accounting method that determines the value of remaining inventory and the cost of goods sold, such as FIFO or LIFO.

Weighted Average

A calculation that takes into account the varying degrees of importance of the numbers in a data set, assigning weights to some numbers more than others.