ACCT 102 TEST QUESTIONS WITH
100% CORRECT ANSWERS
The determination of capital interest of an incapacitated partner is similar to the
determination of the capital interest of a retiring partner. - Answer-True
A partner who desires to withdraw from the partnership may without a consent of other
partners, sell all or part of his interest either to an outsider, to the other partners, or to
the partnership itself. - Answer-False
it is a contract among and between two or more persons who behind themselves to
contribute money property or industry to a common found with intention of dividing the
profits among themselves.
a. corporation
b. sole proprietorship
c. partnership
d. all of the above - Answer-c. partnership
which is not a man the characteristics of a partnership?
a. separate legal personality
b. limited life
c. limited liability
d. voluntary association - Answer-c. limited liability
he is a partner who is not really a partner but allows his name to be used by the
partnership for accommodation or for other consideration.
a. nominal partner
b. secret partner
c. dormant partner
d. silent partner - Answer-a. nominal partner
a partner who actively manages the affairs of the business and is known to be a partner
a. industries partner
b. managing partner
c. general partner
d. dormant partner - Answer-d. dormant partner
100% CORRECT ANSWERS
The determination of capital interest of an incapacitated partner is similar to the
determination of the capital interest of a retiring partner. - Answer-True
A partner who desires to withdraw from the partnership may without a consent of other
partners, sell all or part of his interest either to an outsider, to the other partners, or to
the partnership itself. - Answer-False
it is a contract among and between two or more persons who behind themselves to
contribute money property or industry to a common found with intention of dividing the
profits among themselves.
a. corporation
b. sole proprietorship
c. partnership
d. all of the above - Answer-c. partnership
which is not a man the characteristics of a partnership?
a. separate legal personality
b. limited life
c. limited liability
d. voluntary association - Answer-c. limited liability
he is a partner who is not really a partner but allows his name to be used by the
partnership for accommodation or for other consideration.
a. nominal partner
b. secret partner
c. dormant partner
d. silent partner - Answer-a. nominal partner
a partner who actively manages the affairs of the business and is known to be a partner
a. industries partner
b. managing partner
c. general partner
d. dormant partner - Answer-d. dormant partner
