Answered: Write the word or group of words that…

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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Write the word or group of words that identify each of the following statements.

1. A partner who contributes money, property, and industry.

2. Any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activity.

3. A partnership which failed to comply with one or more of the legal requirements for its establishment.

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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