Instructions Identifv each statement as true or folse If folse indicate ho w to correct the statenment
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Q: s inter nount
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Q: Requirement: Complete the schedule below by entering an Q to indicate overstatement, a U to indicate…
A: Below mentioned sign to be used for Overstatement = O Understatement = U No Effect = NE
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Q: An item of p- O True O False
A: Real property means any item which may be factored into the property value.
Q: J/E is required
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Q: v the errors pl account ba
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- Question One: State whether each of the following statements is true or false and correct the false statements: 1. General partnerships are not subject to taxes on its income. 2. Double taxation is one of the major disadvantages of partnerships. 3. In limited partnerships limited partner has the right to manage the business. 4. Mutual agency does not exist in partnerships. 5. Corporations can be formed by a verbal agreement.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 not a characteristic of a partnership? A. The partnership itself pays no income taxes. B. It is easy to form a partnership. C. Any partner can be held personally liable for all debts of the business. D. A partnership requires written Articles of Partnership. E. Each partner has the power to obligate the partnership for 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. Which of the following statements concerning partnership is true? a. A partnership is a legal entity separate and distinct from the individual partners. b. Individual partners are jointly liable for the debts and obligation of a partnership. c. Income tax is levied on the individual partners’ shares of net income of a partnership and is reported in their personal tax returns. d. All of the above is true. 2. Under what circumstances can the closing of the income summary account result in a debit to one partners’ capital account and credits to the other partners’ capital accounts? a. The results of operations are divided in a profit and loss ratio and the partnership sustained a loss for the period. b. The results of operations are allocated in a profit and loss ratio and the partnership’s net income was very low. c. The results of operations are divided in the average capital ratio and one partner had a low capital balance.…Which of the following factor(s) is/are considered by courts in determining whether an act committed by an employee occurred within the course and scope of employment? Whether the employer knew that the act would involve the commission of a serious crime. O Whether the employer authorized the employee's act and whether the employer provided the tools by which the act occurred, but not whether the employer knew that the act would involve the commission of a serious crime. Whether the employer provided the tools by which the act occurred. O Whether the employer authorized the employee's act. Whether the employer authorized the employee's act, whether the employer provided the tools by which the act occurred, and whether the employer knew that the act would involve the commission of a serious crime.
- I. Write TRUE is the statement is TRUE and write FALSE if the statement is incorrect. 1. A partnership contract should always be prepared regardless of the amount or nature of the contribution. 2. All types of partnerships are subject to income tax. "3. A partner's contribution in the form of industry will require a debit to the account ""Industry"""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 ExitWhich of the following is a disadvantage of general partnerships? a) A partner who withdraws from a partnership cannot be held liable for any debts the firm had at the time of withdrawal. b) Compared to the other forms of ownership, the paperwork and costs involved in forming a general partnership are the most extensive. c) All general partners have unlimited liability for the debts and obligations of their business. d) The partners in a general partnership are exposed to double taxation.
- Which of the following is a disadvantage of general partnerships? ( a) The partners in a general partnership are exposed to double taxation. ( b) Compared to the other forms of ownership, the paperwork and costs involved in forming a general partnership are the most extensive. ( c) A partner who withdraws from a partnership cannot be held liable for any debts the furm had at the time of withdrawal. ( d) All general partners have unlimited liability for the debts and obligations of their business.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…Which of the following statements is correct? O A. The liability of the partners for the debts of the partnership is limited to the amounts invested by each partner. O B. The lifespan of a partnership is perpetual. OC. A loan cannot be obtained in the name of the partnership. OD. A partnership business is liable for its own taxes on the profits earned.