Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Chapter 14, Problem 3P
To determine
Identify the correct statement that best describes the articles of
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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.
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.
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.
Chapter 14 Solutions
Advanced Accounting
Ch. 14 - Prob. 1QCh. 14 - Prob. 2QCh. 14 - Prob. 3QCh. 14 - Prob. 4QCh. 14 - Prob. 5QCh. 14 - Prob. 6QCh. 14 - Prob. 7QCh. 14 - Prob. 8QCh. 14 - Prob. 9QCh. 14 - Prob. 10Q
Ch. 14 - Prob. 11QCh. 14 - Prob. 12QCh. 14 - What is a partnership dissolution? Does...Ch. 14 - Prob. 14QCh. 14 - Prob. 15QCh. 14 - Prob. 16QCh. 14 - Prob. 17QCh. 14 - When a partner withdraws from a partnership, why...Ch. 14 - Prob. 1PCh. 14 - Prob. 2PCh. 14 - Prob. 3PCh. 14 - Prob. 4PCh. 14 - Prob. 5PCh. 14 - Prob. 6PCh. 14 - Prob. 7PCh. 14 - Prob. 8PCh. 14 - Prob. 9PCh. 14 - Prob. 10PCh. 14 - Prob. 11PCh. 14 - Prob. 12PCh. 14 - Prob. 13PCh. 14 - Prob. 14PCh. 14 - Prob. 15PCh. 14 - Prob. 16PCh. 14 - Prob. 17PCh. 14 - Prob. 18PCh. 14 - Prob. 19P
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- Mutual agency is defined as: A. a mutual agreement B. the right of all partners to represent the companys normal business operations C. a synonym for partnership D. a partnership between two partnershipsarrow_forwardMatch each of the following descriptions with the appropriate term related to partnership accounting.arrow_forwardA well written partnership agreement should include each of the following except ________. A. how to settle disputes B. the name of the partnership C. division of responsibilities D. Partners individual tax ratearrow_forward
- The 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_forwardBriefly introduce the legal nature of partnerships and companies, with emphasis on the contractual principles governing the formation and discharge of partnership agreement.arrow_forwardWhat is the principle of "mutual agency" and why is it important in the context of partnership law? Identify an exception to this principle in your answer. JE k HO I XA Garrow_forward
- Describe the purpose of the articles of partnership and list specific items that should be included in this agreement.arrow_forwardA general partnership may be formed by Group of answer choices either oral or written agreement. oral, written, or implied agreement. written agreement. oral agreement.arrow_forward(a) Explain the following (i) Partnership Deed (ii) Articles of Association (iii) Memorandum of Associationarrow_forward
- Why it is considered desirable to make the partnership agreement in writing.arrow_forwardbriefly explain the concept of Partnership, Formation, Duties, Liabilities and Dissolution and also tell the relationship among themarrow_forwardDiscuss the concept of a partner being an agent of the partnership.arrow_forward
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