4,5,6

QUESTION 4 Which of the following is specified in the articles of partnership? A) procedures for withdrawal of assets by the partners B) procedures for distribution of dividends C) methods for valuation of the assets D) selection of an appropriate depreciation method QUESTION 5 Which of the following is TRUE of a partnership? A) All partnership firms are public firms. B) Partnership firms have a limited life. The owners of the partnership have limited liabilities for the partnership's debts. D) The maximum loss an owner of a partnership can incur is the invested amount. QUESTION 6 Which of the following will result in the dissolution of a partnership? A) admission of a new partner B) purchase of plant assets for the business C) contribution of an asset by an existing partner D) a partner's withdrawal of cash from the partnership