1. The compensation of partners (other than their share of profits) may be in the form of salaries, royalties, commissions, or bonuses.

True

False

.

2. In opening the books for a partnership, it is customary to prepare a single journal entry for the investment of all partners.

True

False

.

3. Under the laws of some states, all partners may limit their liability for the debts of the partnership.

True

False