QUIZZES PACOA (PRELIM) EXAM WITH MULTIPLE CHOICES AND CORRECT ANSWERS STRAIGHT A

QUIZZES PACOA (PRELIM) A partnership a. Is created by agreement of the partners. b. Has a juridical personality distinct and separate from that of each of the partners. c. May be constituted in any form, except where immovable property is contributed, in which case the law requires that a public instrument be executed. d. All of the above e. None of the above D A partner who contributes his expertise, services or industry to the common fund of the partnership is called a/an a. Limited partner b. Capitalist partner c. Managing partner d. Industrial partner D When a partner invests non-cash assets into the partnership, these assets should be recorded at a. Their book value b. Their original cost to the previous owner c. Their fair market value d. The value assigned by the contributing partner C Partners' investments may include which of the following? a. Cash b. Non-cash assets c. Non-cash assets with attached liabilities assumed by the partnership d. Only a and b e. All of the above f. None of the above E