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- 1. A partnership is an association of three or more persons to carry on as co-owners of a business for profit. 2. The legal requirements for forming a partnership can be quite burdensome. 3. A partnership is not an entity for financial reporting purposes. 4. The net income of a partnership is taxed as a separate entity. 5. The act of any partner is binding on all other partners, even when partners perform business acts beyond the scope of their authority. 6. Each partner is personally and individually liable for all partnership liabilities. 7. When a partnership is dissolved, the assets legally revert to the original contributor. 8. In a limited partnership, one or more partners have unlimited liability and one or more partners have limited liability for the debts of the firm. Instructions Identify each statement as true or false. If false, indicate how to correct the statement.Which of the following is a reason to use a partnership as the legal form of a business? A. Partnerships avoid the difficulty of raising capital. B. Partnerships avoid the issue of mutual agency. C. Partnerships avoid the issue of double-taxation faced by corporations. D. Partnerships avoid the issue of unlimited liability.Which of the following is a reason for the popularity of partnerships as a legal form for businesses? Partnerships may be formed merely by an oral agreement. Partnerships can more easily generate significant amounts of capital. Partnerships avoid the double taxation of income that is found in corporations. In some cases, losses may be used to offset gains for tax purposes.
- How does partnership accounting differ from corporate accounting? A. The matching principle is not considered appropriate for partnership accounting B. Partnerships report all assets at fair value as of the latest balance sheet data C. Revenues are recognized at a different time by a partnership that is appropriate for a corporation D. Individual capital accounts replace the contributed capital and retained earnings balances found in corporate accountingTRUE or FALSE The accounting for partnerships differs from the accounting for sole proprietorships, corporations and cooperatives in regard to the accounting for equity but not for assets and liabilities.Which of the following is a false statement about a partnership? O A. It is an opportunity to pool talents and resources for the company. B. A partnership must have at least two owners. OC. It is a business with two or more owners that is not organized as a corporation. OD. It is a type of corporation in which the owners have limited liability for the organization's liabilities.
- 1. From among the list, what is the difference between a partnership and a corporation? a. Existence of the corporation is perpetual but partnership is not b. Both have separate and juridical personality from the people composing it c. Both can be created to practice a profession d. The properties are owned solely by the partnership and corporation2. When the Securities and Exchange Commission disapproves the amended Articles of Incorporation, what is the available remedy of the Corporation? a. A criminal complaint may be filed to compel the Securities and Exchange Commission. b. A civil suit may be filed to compel the Securities and Exchange Commission. c. A reasonable time to modify the objectionable portions of the articles or amendment. d. None of the above 3. A promised that in order to help the partnership start its business, he will contribute P1Million as capital. Now that the partnership is about to begin, the partners demanded A to give his promise. However, A…Select the best answer. Which of the following statements regarding various entities is true? O O O A. A business entity with only one owner is classified as a corporation or is disregarded. Question Q 10 B. A disadvantage of a pass-through entity is double taxation. C. By default, an eligible entity that has a single member will be treated as a limited partnership. Partnerships are taxpaying entities, because tax attributes pass through to the individual partners. O D. Submit Answers 100% CompleteAccording to this Chapter on Partnerships, are the following statements True or False: Question 1: A partnership allows owners to pool their talents and resources. A. True B. False Question 2: In a partnership, the income is taxed at the partnership level as well as at the personal level of the owners. A. True B. False Question 3: Mutual agency means that any partner can legally bind the other partners and the partnership to business contracts within the scope of the business's regular operations. A. True B. False
- Select the best answer. Which of the following statements regarding various entities is true? O O O A. A business entity with only one owner is classified as a corporation or is disregarded. ion Q 10 B. A disadvantage of a pass-through entity is double taxation. C. By default, an eligible entity that has a single member will be treated as a limited partnership. Partnerships are taxpaying entities, because tax attributes pass through to the individual partners. O D. Submit Answers 100% Complete ExitChoose the correct. Which of the following is not a reason for the popularity of partnerships as a legal form for businesses?a. Partnerships may be formed merely by an oral agreement.b. Partnerships can more easily generate significant amounts of capital.c. Partnerships avoid the double taxation of income that is found in corporations.d. In some cases, losses may be used to offset gains for tax purposes.Choose the correct. How does partnership accounting differ from corporate accounting?a. The matching principle is not considered appropriate for partnership accounting.b. Revenues are recognized at a different time by a partnership than is appropriate for a corporation.c. Individual capital accounts replace the contributed capital and retained earnings balances found in corporate accounting.d. Partnerships report all assets at fair value as of the latest balance sheet date.