Which of the following is a characteristic of most

11. Which of the following is a characteristic of most partnerships?
a. Unlimited life
b. Limited liability
c. Mutual contribution
d. Division of profits only
12. Non-cash assets invested into a partnership are recorded at
13. A partnership which comprises all the profits that the partners may acquire by their work or industry during the existence of the
partnership is called
14. On July 1, 2014, Escareal and Acosta formed a partnership. Escareal contributed cash. Acosta, previously a sole proprietor, contributed
property other than cash, including land subject to a mortgage, which was assumed by the partnership. Acosta’s capital account at July 1,
2014 should be recorded at

15. A partner who is liable for the payment of partnership debts to the extent of his separate property after the partnership assets are
exhausted is called
a. Limited partner
b. General partner
c. Managing partner
d. Capitalist partner
16. The ability of a partner to enter into a contract on behalf of all partners is called
17. Two sole proprietors formed a partnership. Non-cash assets forming part of the initial investment in the partnership would be recorded at
the
18. A large cash withdrawal by Partner Ruiz from Bernal, Ruiz, Adriano and Gogola, which is viewed by all partners as a permanent reduction
of Ruiz’s ownership equity in the partnership, is recorded with a debit to