Which of the Following Is True of Partnership Property

question 25

Multiple Choice

Which of the following is true of partnership property?

• A) The fact that property is used in the business makes it partnership property though it does not show in the account books.
• B) Payment by the partnership of taxes or insurance on property is conclusive evidence that the property is owned by the partnership.
• C) Any property acquired with partnership funds is partnership property even if a contrary intent is shown.
• D) Partnership property includes all property that originally was contributed to the partnership as well as anything purchased then or later for the partnership.

Evaluate the liquidation process, including the preparation and interpretation of the Statement of Liquidation.

Recognize the consequences of personal insolvency of a partner on the partnership liquidation process.

Develop a predistribution plan during a partnership liquidation.

Record journal entries relevant to the partnership liquidation process, including asset sales, debt settlement, and distribution of remaining cash.

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Definitions:

Blood

A vital liquid in humans and animals that delivers necessary substances such as nutrients and oxygen to cells, and transports metabolic waste products away.

Mother's Blood

The blood circulating in a pregnant woman that provides nutrients and oxygen to the developing fetus.

Gestational Diabetes

A condition in which a woman without diabetes develops high blood sugar levels during pregnancy.

Glucose Challenge Screening

A screening test for gestational diabetes that measures body's response to sugar ingested, usually performed during pregnancy.