21.

If partners X, Y, and Z share profit in a 3:2:2 ratio respectively, partner X would recievie 30% of any gain.

A)True B)False 22.

Ifpartners E, F, and G share profit in a 2:2:1 ratio respectively, partner G would receive 1/5 of any gain.

A)True B)False 23.

GAAP requires that partners share profit equally.

A)True B)False 24. Partners can't sell their capital.A)True B)False 27.

According to the Cost Principle, assets should not be adjusted beforepartnershipsdissolve.

A)True B)False28

In PR 12-4B,total partnership equity increased by $58,000 when Mays joined the firm.

A)True B)False