Which of the following is not true about a partnership firm? (a) It enjoys the benefit of

Question:

Which of the following is not true about a partnership firm?

(a) It enjoys the benefit of perpetual succession.

(b) The legal entity of partners and of the partnership firm is same.

(c) From accounting viewpoint, the entity of partners is not same as that of the partnership firm.

(d) All of these.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9780071078023

1st Edition

Authors: Dhanesh K. Khatri

See More Books

Question Posted: Dec 13, 2023 12:23 PM

See More Questions

Among the problems encountered when time series analysis is used to estimate cost functions is A. That technological changes may have occurred. B. that accounting changes may have occurred during the...
A small consulting company wants to make the switch to QuickBooks Online. All of their expenses are paid at the time they are incurred, so there is no need to track bills in the system. There is only...
Multiple Choice Questions: 1. If a profit-maximizing monopolist is currently charging a price on the inelastic portion of its demand curve, it should a. Raise price and decrease output. b. Lower...
May-22 1 1 1 6 22 31 31 31 31 31 uChampion (UC) Shop commenced business on 1 May 2022. The following transactions occurred during the first month of operations: Jenny, the owner, invested cash into...
A 60.0- resistor, a 3.00-F capacitor, and a 0.400-H inductor are connected in series to a 90.0-V (rms), 60.0-Hz source. Find (a) The voltage drop across the LC combination and (b) The voltage drop...
Typically, when a solenoid is activated, is the plunger extended or retracted?
Sketch and describe helical and bevel gear and state applications of each.
Master Designs Decorators issued a 180-day, 6% note for $75,000, dated May 14, 2016, to Morgan Furniture Company on account. a. Determine the due date of the note. b. Determine the maturity value of...
What is MATLAB? Pros and cons.
In a limited liability company, which of the following is not applicable? (a) Perpetual succession (b) Legal separate entity (c) Registration is must (d) Agreement between the shareholders
Which out of the following is true about legal entity concept with regard to a sole enterprise? (a) Entity of owner is separate from the business enterprises. (b) Entity of owner and of the business...
Prepare a bridge working paper ICP1 describing the strengths and weaknesses identified by number on the payroll flowchart For each strength describe one or more test of controls audit procedures that...
Grouper Corporation's adjusted trial balance contained the following asset accounts at December 31, 2023: Prepaid Rent $22,900; Goodwill $52,000; Franchise Fees Receivable $3,000; Intangible...
Why is Cycle Redundancy Check preferred over simpler computational techniques?explain.
Prepare journal entries for this transaction only under BOTH the subscription accounting method AND under the approach proposed by Apple. b. How much is the difference in gross profit (for this...
What is the amount of gain excluded from the sale of the taxpayers personal residence for walter?
Crowder Transport Company has four different divisions. A recent income statement for the West Division is shown below: Revenue Salaries for drivers Fuel expenses Insurance Division-level facility...
Distinguish between market size variance and market share variance.
Discuss the information available from the following techniques in the analysis of inorganic pigments used in antique oil paintings: (i) Powder X-ray diffraction, (ii) Infrared and Raman...
What is the difference between an account and a ledger?
What is the difference between an account and a ledger?
What is the difference between an account and a ledger?
Preparing closing entries and a post - closing trial balance LO P 6 Following are accounts and year - end adjusted balances of Cruz Company as of December 3 1 . 1 . Prepare the December 3 1 closing...
1) Given the parametric curve, x=1+312, y 2-1, -11 <2 (a) Sketch the graph of the parametric curve by plotting points. (b) Eliminate the parameter to find a Cartesian equation of the curve.
Question 4. Prove using mathematical induction that for any integer n 0, 3n+1 1 1+3+32 +3" 2 P(n) Basis step: (Write what is P(0) and show that P(0) is true.) Induction step: For any k 0, if P(k)...

Which of the following is not true about a partnership firm? (a) It enjoys the benefit of

Question:

Step by Step Answer:

a It enjo...View the full answer

Financial Accounting

Students also viewed these Business questions