1.Who are thepersons who form the partnership ?

a. Individuals

b. Corporations

c. Non-Profit Organization

d. all

e. a & b

f. a & c

2. Which shows the closing of the income summary account where there is a debit to one partner's capital account and credit to the other partners' capital accounts?

a. Partnership agreement provides for interest allowance and salary allowances and the net income is less than the sum of the first two amounts.

b. Results of operations are divided in the average capital balance ratio and one of them had a low capital balances.

c. Results of operations are divided in an agreed ratio and the partnership sustained a loss for the period.

d.Results of operations are allocated in an agreed ratio and the partnership's net income for the period was very small.

3.A business organization not subject to a separate income tax

a.Partnership

b. Cooperative

c. Sole Proprietorship

d. Corporation