Question
10. When profit is allocated in a 3:2:1 ratio, it means that one partner will get 50% of the profit. A) True B) False 11.
| 10. | When profit is allocated in a 3:2:1 ratio, it means that one partner will get 50% of the profit. |
|
| A) True B) False |
| 11. | Partners are never allocated a salary in a partnership. |
|
| A) True B) False |
| 12. | A partner may receive interest on their partnership account. |
|
| A) True B) False |
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The Internal Auditing Handbook
Authors: K. H. Spencer Pickett
3rd Edition
0470518715, 978-0470518717
