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1. It is one where persons, by words spoken or written or by conduct represents themselves, or consents to another representing them ti anyone, as partners in an existing partnership or with one or mon persons not actual partners. a. Partnership by estoppel b. Partnership by prescription c. Closed partnership d. Partnership sole C.

1. It is one where persons, by words spoken or written or by conduct represents themselves, or consents to another representing them ti anyone, as partners in an existing partnership or with one or mon persons not actual partners. a. Partnership by estoppel b. Partnership by prescription c. Closed partnership d. Partnership sole C.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Multiple Choice Part II 1. It is one where persons, by words spoken or written or by conduct represents themselves, or consents to another representing them to anyone, as partners in an existing partnership or with one or more persons not actual partners. a. Partnership by estoppel b. Partnership by prescription c. Closed partnership d. Partnership sole 2. It is one which has not complied with all the legal requirements for its creation. a. De facto partnership b. De jure partnership c. Real partnership d. Ordinary partnership 3. LQ was an accountant in a partnership, with a yearly salary amounting to 10% of the net profits for the year. Thus, he is a partner in the said partnership. İL The receipt by a person of a share of the profits of a business is conclusive evidence that he is a partner in the business a. Only I is true b. Only Il is true c. Both are true d. Both are false
Transcribed Image Text:Multiple Choice Part II 1. It is one where persons, by words spoken or written or by conduct represents themselves, or consents to another representing them to anyone, as partners in an existing partnership or with one or more persons not actual partners. a. Partnership by estoppel b. Partnership by prescription c. Closed partnership d. Partnership sole 2. It is one which has not complied with all the legal requirements for its creation. a. De facto partnership b. De jure partnership c. Real partnership d. Ordinary partnership 3. LQ was an accountant in a partnership, with a yearly salary amounting to 10% of the net profits for the year. Thus, he is a partner in the said partnership. İL The receipt by a person of a share of the profits of a business is conclusive evidence that he is a partner in the business a. Only I is true b. Only Il is true c. Both are true d. Both are false
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