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Since all partners are bound together in the agreement and each acts on the beha

Since all partners are bound together in the agreement and each acts on the behalf of the partnership, __________ has been established. A. limited life B. limited risk C. mutual agency D. unlimited liability Which of the following is not generally written into the articles of partnership agreement? A. rights and responsibilities of each partner B. provisions for admitting new partners C. amount that each partner is investing D. none of the above   In comparison with the proprietorship form of business organization, forming a partnership offers which of the following advantages? A. limited life B. legal liability of each partner for all of the debts C. combination of ability and experience of the partners D. simple transfer of interest in the partnership to outsiders The accounting procedures for sole proprietorships are the same as for partnerships except __________. A. that the asset section includes more than one cash account B. for the liability section C. for the revenue section D. that the capital section is now divided per the number of partners A statement of partner’s equity is the same as a statement of owner’s equity except __________. A. there is a capital account for all partners B. net income is assigned to one partner C. no additional investment by partners are shown on the statement D. There is no difference in the statements


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