Write TRUE is the statement is TRUE and write FALSE if the statement is incorrect. 1. Each partner generally has the authority to enter into contracts which are binding upon the partnership. 2. The property invested in a partnership by the partner becomes the property of the partnership.

Write TRUE is the statement is TRUE and write FALSE if the statement is incorrect. 1. Each partner generally has the authority to enter into contracts which are binding upon the partnership. 2. The property invested in a partnership by the partner becomes the property of the partnership.

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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Question

Write TRUE is the statement is TRUE and write FALSE if the statement is incorrect.

1. Each partner generally has the authority to enter into contracts which are binding upon the partnership.

2. The property invested in a partnership by the partner becomes the property of the partnership.

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