PLEASE ANSWER ALL OF THE QUESTIONS 13. There are two tests to determine the existence of a partnership:I. First test: Determine whether or not there is an agreement tocontribute money, property or industry to a common fund.II. Second test: Determine whether or not there is an intent of ucontracting parties to divide the profits among themselves.a. Only I is trueb. Only II is trueBoth are trued. Both are falseC.14. It means that it is a contract that is perfected by mere consent becausall the partners had a meeting of the minds to enter into a contractpartnership.a. Consensualb. Principalc. Preparatoryd. Commutative15. It means that the contribution of each partner, whether money, propertyor industry, is considered as the equivalent of the contribution of theother partners.a. Consensualb. Principalc. Preparatoryd. Commutative

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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.

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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