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What theory of equity is applicable for partnership

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Problem 1. What theory of equity is applicable for partnership

a. Proprietary theory

b. Partnership theory

c. Entity theory

d. A mix of proprietary and entity theory

Problem 2. Partnership net income is defined as

a. The interest allocation to the partners, based on weighted average invested capital.

b. Partnership income after deducting partner salaries and interest

c. Partnership income after deducting partner salaries.

d. Partnership income before deducting partner salaries and interest

Problem 3. A general partner in a partnership

a. has unlimited liability for all partnership debts.

b. is always the general manager of the firm.

c. is the partner who lacks a specialization.

d. is liable for partnership liabilities only to the extent of that partner's capital equity.

Reference no: EM132786860

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