13. There are two tests to determine the existence of a partnership: I. First test: Determine whether or not there is an agreement to contribute money, property or industry to a common fund. II. Second test: Determine whether or not there is an intent of t contracting parties to divide the profits among themselves. a. Only I is true b. Only II is true Both are true d. Both are false C.
13. There are two tests to determine the existence of a partnership: I. First test: Determine whether or not there is an agreement to contribute money, property or industry to a common fund. II. Second test: Determine whether or not there is an intent of t contracting parties to divide the profits among themselves. a. Only I is true b. Only II is true Both are true d. Both are false C.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PLEASE ANSWER ALL OF THE QUESTIONS
Transcribed Image Text:13. There are two tests to determine the existence of a partnership:
I. First test: Determine whether or not there is an agreement to
contribute money, property or industry to a common fund.
II. Second test: Determine whether or not there is an intent of u
contracting parties to divide the profits among themselves.
a. Only I is true
b. Only II is true
Both are true
d. Both are false
C.
14. It means that it is a contract that is perfected by mere consent becaus
all the partners had a meeting of the minds to enter into a contract
partnership.
a. Consensual
b. Principal
c. Preparatory
d. Commutative
15. It means that the contribution of each partner, whether money, property
or industry, is considered as the equivalent of the contribution of the
other partners.
a. Consensual
b. Principal
c. Preparatory
d. Commutative
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