Identify the correct statement/s from the following:I. In absence of partnership agreement, no interest on capital is allowed II. In absence of partnership agreement, 6% interest on partner's loan is allowed O a. Statenment II only correct O b. Statement I only correct O c. Both Statements are correct O d. Both Statements are wrong

S1: Forming a partnership requires two or more people agreeing partners Contributing all their personal properties. S2: Oral agreement partners are not allowed. * A. Statement 2 is true. B. Statement 1 is true. C. Both statements are false. D. Both statements are true. S1: A joint arrangement that is structured without a separate vehicle should be accounted as Joint Venture. S2: A joint arrangement that is structured without a separate vehicle should be accounted as Joint Operation? A. S2 True; S1 False B. Both statements are false C. s1 True; S2 False D. Both statements are true The interest of the retiring or withdrawing partner is usually measured by his capital balance before his retirement or withdrawal adjusted by the following adjustments except? A. profit or loss from the operation from the last closing date of the date of his retirement or withdrawal B. profit or loss after the date of the partner's withdrawal or retirement C. errors in net income in prior years D.…

Which of the following apply to a partnership that consists solely of general partners?  I. Double taxation of partnership profits. II. Limited partnership life. III. Active involvement in the firm by all the partners. IV. Unlimited personal liability for all partnership debts. Group of answer choices II and III only. II only. II, III, and IV only. I and II only. I, II, and IV only.

Assess the truth of this statement: One of the rules of debits and credits and account balances for a partnership is that increases in expense accounts are always debited to the expense account. This statement is true. O This statement is false. O There is not enough information to determine whether or not this statement is true. O This statement is not applicable to accounting concepts.