With regard to a business carried on as a partnership which one or more of the following

Question:

With regard to a business carried on as a partnership which one or more of the following statements are correct?

(a) A partner may agree to join on condition he would risk only his capital amount

(b) As a sleeping partner, a partner may be excused from management responsibility

(d) If registered with the Registrar of Companies as a Limited Liability Partnership partners’ liability could be restricted to the amount of capital contributed.

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

See More Books

Question Posted: Aug 29, 2023 10:24 AM

See More Questions

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
1. Hannah is applying for a life policy on her girlfriend Sarahs life. The policy is $500,000 and carries a large premium. Hannah is the main earner, so she is concerned about not being able to pay...
In the spring of 1979, Alzado, Alzados former accountant, Tinter, and Alzados former agent, Ronald Kauffman (Kauffman), formed Combat Promotions, Inc. to promote an eight-round exhibition boxing...
Why should every credit application be signed by the applicant or an authorized officer of the applicant? There are several factors that influence the setting of the terms and conditions of a sale....
This question pertains to the use of nonfinancial performance indicators as part of a comprehensive management accounting and control system. You are asked to think critically about the value and...
Explain why you agree or disagree with the following statement: An investor should be unwilling to pay more than the call price for a bond that is likely to be called.
What is the role of the Federal Sentencing Guidelines in encouraging corporate ethical conduct?
Fred and Frieda have always wanted to enter the blueberry business. They locate a 50- acre piece of hillside in Maine that is covered with blueberry bushes. They figure that the annual yield from the...
4.Indicate, by clicking on the relevant boxes, whether the following statements are true or false in relation to business valuation. The earnings yield method and the dividend growth model should...
For which one or more of the following reasons would you advise partners to have their financial statements professionally audited? (a) So that each partner may feel assured that his/her interests...
In a situation where section 24 of the Partnership Act applies, which one or more of the following statements are correct? (a) Profits and losses have to be shared equally (b) If any partner...
The primary purpose of managerial accounting is to provide information useful for management decisions. Many of the managerial accounting techniques that you learn in this course will be useful for...
B. Perform the following arithmetic operations by taking the 2's complement of the subtrahend, and also verify in decimal system: (24 points) (1) signed binary number: 10011-00100 (2) signed binary...
The tan delta curves of two composites are plotted as a function of frequency as shown in Fig. 2c. Which composite will show higher impact strength at 25 C and why? 0.04 99 Tan 6 0.03 25C composi...
Online marketing activities Number of hits Brand Mentions 3,465,522 Audience Participation 6,386,744 Social Network Interactions 50,456 Competitors' Mentions 2,822,789 Audience Exposure 165,789 Total...
We looked at a short clip from the film "Get Out" while discussing language and power in society. Chris walks up to Logan at the drinks table to say hello and greets him with a gesture. Both his...
Subject :Q uantitative Methods (BADB1014) sec b 3 Tutor,please help answer below following question.Thanks 5. Peter deposited $25,000 in a savings account on April 1 and then deposited an additional...
Tyler Corp. had the following stock issued and outstanding at January 1, 2016: 1. 60,000 shares of no-par common stock. 2. 15,000 shares of $100 par, 4 percent, cumulative preferred stock. On...
Cassandra Casey operates the Futuristic Antique Store. She maintains subsidiary ledgers for accounts payable and accounts receivable. She presents you with the following information for October 2019:...
What is an enterprise resource planning system?
Why do manufacturing companies use product costing systems to track costs throughout the production process?
Describe manufacturing costs and non-manufacturing costs. Provide examples of each.
Company A and Company B operate in the same industry. Both companies plan to achieve a 3% increase in production by the end of the first quarter. At the end of the first quarter both firms were able...
Financial Statement Fraud Investigation There have been complaints that the Best Services Corporation (hereafter referred to as the company) may have manipulated and misrepresented its financial...
Yield to maturity The relationship between a bond's yield to maturity and coupon interest rate can be used to predict its pricing level. For the bond listed below, state whether the price of the bond...

With regard to a business carried on as a partnership which one or more of the following

Question:

a c&d bb&c ca & d db & d

Step by Step Answer:

a c By agreement a partner may require interest ...View the full answer

Financial Accounting An Introduction

Students also viewed these Business questions