Direction: Write TRUE if the statement is true and FALSE if the statement is false. 1. A written partnership contract is required to be prepared whenever a partnership is formed. _2. All partnerships are subject to income tax. _3. A partner's contribution in the form of industry or service is recorded by debiting the account "Industry". _4. In the partnership books, there are as many capital and drawing accounts as there are partners. _5.A partners contribution in the form of noncash assets should be recorded at its fair market value in the absence of an agreed value. _6.A partnership is much easier and less expensive to organize than corporation. 7. A newly organized partnership should always open a new set of books. 8. All partnerships have at least one general partner. 9. Each partner generally has the authority to enter into contracts which are binding upon the partnership 10. The property invested in a partnership by a partner becomes the property of the partnership. IDENTİFICATION II. Direction: Write the word or group of words that identify each of the following statements. 1. A partnership wherein all the partners have limited liability except for at least one general partner. 2. The contribution of an industrial partner. 3. A partner who contributes money, property and industry. 4. An entry prepared when a partner contributes skill or industry into the partnership. _5. A contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund with the intention of dividing the profits among themselves. _6. The government body which is in charge with administration of various laws affecting partnerships and corporations in the Philippines. _7. The word added to the name of the partnership to inform the public that it is a limited partnership. _8. A partner whose liability is limited to the extent of his/her personal contribution into the partnership. 9. A written partnership contract which governs the formation, operation and dissolution of the partnership. 10. A characteristic of a partnership wherein any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activities.
Direction: Write TRUE if the statement is true and FALSE if the statement is false. 1. A written partnership contract is required to be prepared whenever a partnership is formed. _2. All partnerships are subject to income tax. _3. A partner's contribution in the form of industry or service is recorded by debiting the account "Industry". _4. In the partnership books, there are as many capital and drawing accounts as there are partners. _5.A partners contribution in the form of noncash assets should be recorded at its fair market value in the absence of an agreed value. _6.A partnership is much easier and less expensive to organize than corporation. 7. A newly organized partnership should always open a new set of books. 8. All partnerships have at least one general partner. 9. Each partner generally has the authority to enter into contracts which are binding upon the partnership 10. The property invested in a partnership by a partner becomes the property of the partnership. IDENTİFICATION II. Direction: Write the word or group of words that identify each of the following statements. 1. A partnership wherein all the partners have limited liability except for at least one general partner. 2. The contribution of an industrial partner. 3. A partner who contributes money, property and industry. 4. An entry prepared when a partner contributes skill or industry into the partnership. _5. A contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund with the intention of dividing the profits among themselves. _6. The government body which is in charge with administration of various laws affecting partnerships and corporations in the Philippines. _7. The word added to the name of the partnership to inform the public that it is a limited partnership. _8. A partner whose liability is limited to the extent of his/her personal contribution into the partnership. 9. A written partnership contract which governs the formation, operation and dissolution of the partnership. 10. A characteristic of a partnership wherein any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activities.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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Problem 1CE
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