Question

dete te tope i authority of that partner. Which of the following is NOT a characteristic of a partnership? a Double taxation-, CA tta c.ri.ir b. Unlimited liability c. Mutual agency d. Ease of formation 4. On lanuary 1. 2006, victor and Nikki have capital account balances of $80,000 and $100,000. Their partnership agreement provides for interest allowances of $8,000 and $10,000 respectively; salaries of $30,000 to Victor and $24,000; and the remainder divided 6:4 respectively. Victor's share of the $82,000 partnership net income would be a. $43,000 b. $49,000 c $44,000 d. $41,000 5. Which of the following statements is correct? a. The balance sheet of a sole proprietorship will show three or more capit b. The balance sheet of a corporation will show fifty or more capital accounts. c.) The balance sheet of a partnership will show two or more capital accounts. 6. All of these statements are correct.

Answer 1

4 ) Option A double taxation is not a charectaristic of partnership.

6) Option C [balancesheet of a partnership will show two or more capital accounts]

17) Option D [inflow in the investing section]

19) Option A [Income Statement]

20) Option B [ Direct material, Direct Labour and Manufacturing Overhead ]