THIS IS FOR PHILIPPINE PARTNERSHIP ACCOUNTING.

True or False? Cite the article and explain.

1. Each partner's initial investment in a partnership can be recorded either at book value or appraised value, depending on the agreement among the partners.
2. Generally, partnership creditors shall have priority on partnership property while separate creditors of partners shall have priority on individual property of partners.
3. Dissolution can be voluntary or involuntary. Death and insanity of a partner are considered involuntary causes of dissolution.
4. Capitalist partners cannot always engage for their own account in any operation which is of the kind of business in which the partnership is engaged.