11.The following are rights of partner who has not caused dissolution wrongfully, except:

a.To have the partnership property applied to discharge the liabilities of the partnership.

b.To have the surplus, if any, applied to pay in cash the net amount owing to the respective partners.

c.To be indemnified for damages caused by the partner who did not caused the dissolution wrongfully.

d.To continue the business in the same name either by themselves or jointly with others during the agreed term of the partnership and for that purpose may possess the partnership property.

____ 12. Where a partner has become insolvent or his estate is insolvent, how shall the claims against his separate property be rank?

I.Those owing to partners by way of contribution

II.Those owing to separate creditors

III. Those owing to partnership creditors

a.II, III and I c. I, II and III

b.II, I and III d. I, III and II

____ 13. I. The dissolution of the partnership discharges the existing liability of any partner.

II. The individual property of a deceased partner shall be liable for all obligations of the partnership incurred while he was a partner, but subject to the prior payment of his separate debts.

a.Only I is correct c. Both are true

b.Only II is correct d. Both are false.

____ 14. Partners A, B and C met a tragic accident. A and B instantly on the spot, while C was brought on the hospital but died a few hours later. Who may wind-up the partnership affairs?

a.Legal representative of A c. Legal representative of C

b.Legal representative of B d. the court should appoint

____ 15. A, B and C formed a partnership to exercise their profession as CPAs. If the partnership is dissolved, then any of the partners must not enter into a contract because it is no longer binding to the partnership, except

a.if the partnership transaction was for liquidation purposes

b.if the transaction was with the consent of all of the partners

c.if the other party knows that the partnership is going through dissolution

d.if the transaction involves government contracts