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What the characteristic of the partnership form of business

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Reference no: EM132737813

Problem 1: Which of the following best describes the admission of a new partner by investing an amount equal to the agreed capital?

A) Total Assets - Decrease; Total Capital - No effect; Old Partners' P&L Ratio - No effect

B) Total Assets - Increase; Total Capital - Increase; Old Partners' P&L Ratio - Decrease

C) Total Assets - No effect; Total Capital - Increase; Old Partners' P&L Ratio - Decrease

D) Total Assets - Increase; Total Capital - No effect; Old Partners' P&L Ratio - No effect

Problem 2: The characteristic of the partnership form of business that can possibly hinder long term planning for the business is the

A) Unlimited liability

B) Limited life

C) Mutual agency

D) Voluntary association

Reference no: EM132737813

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