Partnerships MCQs

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The legal characteristic of a partnership whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within ...






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Which of the following is not true regarding a partnership?






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Which is NOT a condition of a limited partnership?






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The partnership agreement provided for a salary allowance of $6,000 per month to partner X, and the balance to be divided equally between partners X a...






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A and B are partners who share profits and losses on a 2:1 basis, respectively, after a salary allowance of $12,000 is allocated to partner B. Earning...






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C and D are partners who share profits and losses on a 3:1 basis, respectively, after a salary allowance of $15,000 is allocated to partner C. Earning...






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In the partnership of Maxwell and Slade, Maxwell’s capital balance is $40,000 and Slade’s capital balance is $60,000. Maxwell sold 50% of his part...






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Norton invested $30,000 in the partnership of Maxwell and Slade. The capital balance of Maxwell and Slade were $30,000 and $60,000, respectively. Nort...






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Norton invested $20,000 in the partnership of Maxwell and Slade. The capital balance of Maxwell and Slade were $40,000 and $60,000, respectively. Inco...






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Norton invested $40,000 in the partnership of Maxwell and Slade. The capital balance of Maxwell and Slade were $40,000 and $60,000, respectively. Inco...






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Norton was paid $25,000 from the partnership cash account for his withdrawal from the partnership of Maxwell, Slade, and Norton. Their capital balance...






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Norton was paid $40,000 from the partnership cash account for his withdrawal from the partnership of Maxwell, Slade, and Norton. Their capital balance...






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Given the following information: Cash 20,000 Other Assets $81,000 Liabilities $20,000 Maxwell Capital $30,000 Slade Capital $40,000 Norton Capital $11...






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Capital Balances Cash Other Assets = Liabilities Maxwell Slade Norton $10,000 $71,000 . . $20,000 $30,000 $26,000 $5,000 The other assets were sol...