ACCTBA2 True or False
F
T or F - A partner who is not known as a partner but who participates actively in the management of the partnership is called a managing partner
T
T or F - A partnership as a form of business, is best suited to the practice of professions.
T
T or F - A partnership does not have to comply with as many legal formalities as corporation does.
T
T or F - All partners in a general partnership are general partners
F
T or F - All partners in a limited partnership are limited partners.
F
T or F - An individual must contribute capital to become a partner.
T
T or F - An industrial partner shares in the profits of the partnership but not in partnership losses.
T
T or F - An oral agreement may still bind the partners forming the partnership
F
T or F - Any number can form a partnership.
F
T or F - If the name of the company carries the word Ltd. or LLP, the company would be a corporation.
T
T or F - One advantage of a partnership over a corporation is that there are less interventions by the government.
F
T or F - The characteristic of unlimited liability does not apply to a limited partnership
T
T or F - The classifications of partnership according to its nature are service, trading and manufacturing.
F
T or F - The life of a partnership is divided into two - legal life and entity life.
F
T or F - The value used to record non-cash asset investment of a partner is called the original cost.
