Homework Answers
| Which of the following is nota principal characteristic of the partnership form of business organization? |
| c. Limited liability |
| The liability of each partner for the firm is unlimited to the extent for the debts of the partnership firm.In case the assets of the firm are insufficient to pay the debts in full, the personal property of each partner can be attached to pay the creditors of the firm. |
| The basis for dividing partnership net income or net loss is referred to as any of the following except: |
| Capital Ratio |
| The basis for dividing partnership net income or net loss is referred to the income and loss ratio, income ratio , profit and loss ratio |
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Which of the following is not a principal characteristic of the partnership form of business organization?...
The individual assets invested by a partner in a partnership a revert back to that partner...
The individual assets invested by a partner in a partnership a revert back to that partner if the partnership liquidates. e determine that partner's share of net income or loss torre you c. are jointly owned by all partners. d. determine the scope of authority of that partner. Which one of the following would not be considered e following would not be considered a disadvantage of the partnerstig om organization? a. Limited life b. Unlimited liability c. Mutual agency d....
The advantages of the partnership form of business organization, compared to corporations, include Multiple Choice Single...
The advantages of the partnership form of business organization, compared to corporations, include Multiple Choice Single taxation. Ease of raising capital. Mutual agency. Limited liability. Difficulty of formation.
which of the following is NOT a characteristic of a partnership? A. Unlimited liability B. Mutual...
which of the following is NOT a characteristic of a partnership? A. Unlimited liability B. Mutual Agency C. Co-ownership of property D. Unlimited life
Which of the following is NOT a characteristic of a partnership?
Which of the following is NOT a characteristic of a partnership?a) Partners are able to contract on behalf of the partnerships.b) Partnership income is tax freec) Partnerships are easy to formd) Partners have mutual agency
Which of the following is not a characteristic of a general partnership?a)the partnership is created by...
Which of the following is not a characteristic of a general partnership?a)the partnership is created by a contractb)mutual agencyc)partners share equally in net income or net losses unless an agreement states differentlyd)dissolution occurs only when all partners agree
Which of the following is a characteristic of a general partnership?
Which of the following is a characteristic of a general partnership? a. The partnership is subject to federal income tax. b. The partners have limited liability. c. The partnership has an unlimited life. d. The partners have co-ownership of partnership property.
Which of the following is not a legal characteristic of a general partnership?
Which of the following is not a legal characteristic of a general partnership? Unlimited liability of partners for partnership recourse debt Restricted transferability of partnership interests Centralized management Limited life All of the above are legal characteristics of partnerships.
Which of the following is true? Group of answer choices A. Under the partnership form of...
Which of the following is true? Group of answer choices A. Under the partnership form of business organization, the owners are not personally liable for the debts of the business. B. When employees are paid by the hour, their incentive to shirk is removed. C. The limited liability of stockholders under the corporate business structure makes it easier to raise equity capital. D. Under the corporate form of business organization, the owners of the firm are personally liable for its...
Ernie and Bert agree to form a partnership. Because the two are great friends, no written partnership agreement...
Ernie and Bert agree to form a partnership. Because the two are great friends, no written partnership agreement is made. Ernie agrees to contribute $100,000 in assets and to devote half of his time to the partnership. Bert is to contribute $40,000 in assets and to devote all of his time to running the operations of the partnership. Ernie and Bert will divide any net income or net loss in the following ratio (respectively): O 5:2 10:4 O 1:1 O...
please help Inventories affect a.) only the balance sheet b.) only the income statement \ both...
please help
Inventories affect a.) only the balance sheet b.) only the income statement \ both the balance sheet and the income statement d.) nether the balance sheet nor the income statement Beginning inventory plus the cost of goods purchased equals a.) cost of goods sold. b.) cost of goods available for sale net purchases d.) total goods purchased Inventory tumover is calculated by dividing cost of goods sold by a.) beginning inventory b.) ending inventory average inventory d.) 365...
The individual assets invested by a partner in a partnership a revert back to that partner if the partnership liquidates. e determine that partner's share of net income or loss torre you c. are jointly owned by all partners. d. determine the scope of authority of that partner. Which one of the following would not be considered e following would not be considered a disadvantage of the partnerstig om organization? a. Limited life b. Unlimited liability c. Mutual agency d....
Ernie and Bert agree to form a partnership. Because the two are great friends, no written partnership agreement is made. Ernie agrees to contribute $100,000 in assets and to devote half of his time to the partnership. Bert is to contribute $40,000 in assets and to devote all of his time to running the operations of the partnership. Ernie and Bert will divide any net income or net loss in the following ratio (respectively): O 5:2 10:4 O 1:1 O...
please help
Inventories affect a.) only the balance sheet b.) only the income statement \ both the balance sheet and the income statement d.) nether the balance sheet nor the income statement Beginning inventory plus the cost of goods purchased equals a.) cost of goods sold. b.) cost of goods available for sale net purchases d.) total goods purchased Inventory tumover is calculated by dividing cost of goods sold by a.) beginning inventory b.) ending inventory average inventory d.) 365...
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