Advanced Financial Accounting
12th Edition
ISBN: 9781259916977
Author: Christensen, Theodore E., COTTRELL, David M., Budd, Cassy
Publisher: Mcgraw-hill Education,
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Question
Chapter 15, Problem 15.4Q
To determine
Concept Introduction:
The form of a business indicates its legal status and identification. Some forms of a business are proprietorship,
To indicate:the definition of given terms.
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Which of the following best describes the articles of partnership agreement?
The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles of partnership.
The articles of partnership are a legal covenant and must be expressed in writing to be valid.
The articles of partnership are an agreement that limits partners’ liability to partnership assets.
The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership’s operations.
A partnership characteristic which states that a partner, acting within
the scope of the operations of the business, may bind the partnership
and make it liable to third parties is termed as
O Voluntary association
O Co-ownership of assets
O Separate legal entity
Mutual agency
Determine whether each characteristic describes a general partnership (GP), limited liability company(LLC), both, or neither. Owners have limited liability.
Chapter 15 Solutions
Advanced Financial Accounting
Ch. 15 - Prob. 15.1QCh. 15 - Prob. 15.2QCh. 15 - Prob. 15.3QCh. 15 - Prob. 15.4QCh. 15 - Under what circumstances would a partner’s capital...Ch. 15 - Prob. 15.6QCh. 15 - Prob. 15.7QCh. 15 - Prob. 15.8QCh. 15 - Prob. 15.9QCh. 15 - Prob. 15.10Q
Ch. 15 - Prob. 15.11QCh. 15 - Prob. 15.12QCh. 15 - Prob. 15.13QCh. 15 - Prob. 15.14QCh. 15 - Prob. 15.15AQCh. 15 - Prob. 15.16BQCh. 15 - Prob. 15.1CCh. 15 - Prob. 15.2CCh. 15 - Prob. 15.3CCh. 15 - Prob. 15.1.1ECh. 15 - Prob. 15.1.2ECh. 15 - Prob. 15.1.3ECh. 15 - Prob. 15.1.4ECh. 15 - Multiple-Choice on Initial Investment [AICPA...Ch. 15 - Prob. 15.2ECh. 15 - Prob. 15.3ECh. 15 - Prob. 15.4ECh. 15 - Prob. 15.5ECh. 15 - Prob. 15.6ECh. 15 - Prob. 15.7ECh. 15 - Prob. 15.8.1ECh. 15 - Prob. 15.8.2ECh. 15 - Prob. 15.8.3ECh. 15 - Prob. 15.8.4ECh. 15 - Prob. 15.8.5ECh. 15 - Prob. 15.8.6ECh. 15 - Prob. 15.8.7ECh. 15 - Prob. 15.8.8ECh. 15 - Prob. 15.9ECh. 15 - Retirement of a Partner On January 1, 20X1, Eddy...Ch. 15 - Prob. 15.11PCh. 15 - Prob. 15.12PCh. 15 - Prob. 15.13PCh. 15 - Prob. 15.14PCh. 15 - Withdrawal of a Partner under Various Alternatives...Ch. 15 - Prob. 15.16.1PCh. 15 - Prob. 15.16.2PCh. 15 - Prob. 15.16.3PCh. 15 - Prob. 15.16.4PCh. 15 - Prob. 15.16.5PCh. 15 - Prob. 15.16.6PCh. 15 - Prob. 15.16.7PCh. 15 - Prob. 15.16.8PCh. 15 - Prob. 15.16.9PCh. 15 - Prob. 15.17PCh. 15 - Prob. 15.18PCh. 15 - Initial investments and Tax Bases [AICPA Adapted]...
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Similar questions
- Choose the correct. Which of the following best describes the articles of partnership agreement?a. The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles of partnership.b. The articles of partnership are a legal covenant and must be expressed in writing to be valid.c. The articles of partnership are an agreement that limits partners’ liability to partnership assets.d. The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership’s operations.arrow_forwardDetermine whether each characteristic describes a general partnership (GP), limited liability company(LLC), both, or neither. The owners are often referred to as members.arrow_forwardDetermine whether each characteristic describes a general partnership (GP), limited liability company(LLC), both, or neither. Ownership is split among two types of owners: general and limited partners.arrow_forward
- Which of the following best describes the articles of partnership agreement? Multiple Choice The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership's operations. The articles of partnership are an agreement that limits partners' liability to partnership assets. The articles of partnership are a legal covenant and must be expressed in writing to be valid. The purpose of the partnership and partners' rights and responsibilities are required elements of the articles of partnership.arrow_forward(a) Explain the following (i) Partnership Deed (ii) Articles of Association (iii) Memorandum of Associationarrow_forwardDetermine whether each characteristic describes a general partnership (GP), limited liability company(LLC), both, or neither. All owners can have management duties.arrow_forward
- A partnership where all partners may participate in management of the company, but whose personal liability is limited to that resulting from their own actions or those who are acting under their direct supervision is a: a. limited partnership b. general partnership c. limited liability partnership d. mutual agencyarrow_forwardThe characteristic of a partnership where a partner is an agent for other partners and the partnership when transacting partnership business is: a. a fiduciary relationship b. tenancy in partnership c. mutual agency d. the proprietary theoryarrow_forwardIn general, a partnership is described as a legal relationship that exists between two or more people who carry on a joint business with the goal of benefit. (a) Describe the different types of partners and their characteristics. (attached point form answer for this question; kindly assist me to elaborate more on each points) (b) Determine the conditions that must be met for a partnership to exist.(attached point form answer for this question; kindly assist me to elaborate more on each points)arrow_forward
- A partnership that consists of two classes of partners, one that participates in management of the company and have unlimited liability, and another that does not participate in management and whose liability is limited to a stated amount is a: a. limited partnership b. general partnership c. limited liability partnership d. mutual agencyarrow_forwardDistinguish between admission of a new partner to a partnership (a) via the acquisition of an interest from another partner and (b) through the transfer of assets to the partnership.arrow_forward, enumerate and briefly discuss the following: • 3 Types of Organizations According to Ownership • Advantages and Disadvantages of Partnership • Characteristics of Partnership • Kinds of Partnership • Kinds of Partnersarrow_forward
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