251 Section Date: Problem 5-6 n: Multiple Choice (Theor) Encircle the letter that corresponds to the best answer admission of a new partner under bonus method will not increase the capital of the old partners. increase the capital of the new partner 1. The a. i b. 1 c. increase ase the partnership's intangible asset. se either of the old or new partner's capital. , As a general rule, a partner cannot ask for a formal accounting of the affairs of the partnership during its existence and before it is dissolved, except: a when he is wrongfully excluded from the partnership business. b. when the right to exist under the terms of any agreement C. whenever other circumstances render it just and reasonable. d. All of the above. Which is the least likely valid reason for partnership dissolution? a. Losses sustained by the partnership for the year b. Admission of a new partner c. Retirement of a partner d. Declaration of partner's 4. Which of the following is not a cause of partnership dissolution? a. Retirement of one of the partners b. Change in the civil status of a partner c. Admission of a new partner d. Death of a partner 5. Statement 1: The deceased partner is considered to have withdrawn heirs or estate may receive his interest in from the partnership and his the firm Statement 2: In order not to seriously impair the working capital and the operation of the business, the partnership may insure the lives of its partners and present itself as the beneficiary. . Only statement 1 is true. Only statement 2 is true. Both statements are true. Both statements are false d