S1: All assets invested in the partnership become the property of the partners and not the partnership because in partnership, there is co-ownership.S2: Each partner has a proprietary interest in the partnership both statements are true both are false only S1 is true only S2 is true.
S1: All assets invested in the partnership become the property of the partners and not the partnership because in partnership, there is co-ownership.S2: Each partner has a proprietary interest in the partnership both statements are true both are false only S1 is true only S2 is true.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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S1: All assets invested in the partnership become the property of the partners and not the partnership because in partnership, there is co-ownership.S2: Each partner has a proprietary interest in the partnership
both statements are true
both are false
only S1 is true
only S2 is true.
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