Quiz_12 - Acct-101 Quiz 12 Which of the following is...

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Acct-101 Quiz 12 Which of the following is characteristic of a general partnership? The partners have co-ownership of partnership property. The partnership is subject to federal income tax. The partnership has an unlimited life. The partners have limited liability. Which of the following is not a characteristic of a general partnership? the partnership is created by a contract mutual agency partners share equally in net income or net losses unless an agreement states differently dissolution occurs only when all partners agree The characteristic of a partnership that gives the authority to any partner to legally bind the partnership and all other partners to business contracts is called unlimited liability ease of formation mutual agency dissolution When a limited partnership is formed the partnership activities are limited all partners have limited liability some of the partners have limited liability none of the partners have limited liability As part of the initial investment, a partner contributes equipment that had originally cost $110,000 and on which accumulated depreciation of $85,000 has been recorded. If similar equipment would cost $140,000 to replace and the partners agree on a valuation of $45,000 for the
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This note was uploaded on 03/01/2010 for the course ACCT 2301 taught by Professor White during the Spring '08 term at Central Texas College.

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Quiz_12 - Acct-101 Quiz 12 Which of the following is...

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