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Which partner share of profit is recognized in the account

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Reference no: EM132864693

Problem 1: The partner who can manage the partnership business, can contribute money, property and skills and has unlimited liability.

A. Capitalist Partner

B. Industrial Partner

C. General Partner

D. Limited Partner

Problem 2: The following are rights of a partner except:

A. Right to share in profits

B. Right to co-manage the partnership

C. Right over specific partnership assets

D. Right to share in the remaining assets upon partnership liquidation.

Problem 3: A partner's share of profit is recognized in the accounts through

A. accrual entries

B. correcting entries

C. closing entries

D. adjusting entries

Reference no: EM132864693

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