1. The nature of this partnership is generally associated with the practice of law, public accounting, medicine and other professions.

2. One who does not take active part in the business of the partnership though may be known as partner.

3. In a contract of partnership, two or more person should contribute money, property, and industry. True or False?

4. If the partners invest noncash asset in the partnership, it should be measured at?

5. If AB partnership admits B by purchasing interest, what is the effect of Bs admission to the total partnership equity?

6. It is the most equitable distribution of partnership profit based on capital contribution.

7. Based on this principle, no one becomes a partner without the consent of all the members.

8. It is the amount of capital transferred by one partner to another partner.

9. It is the equity of a partner in the new partnership.

10. The change in the relation of the partners caused by any partner ceasing to be associated In the carrying on as distinguished from winding up of the partnership.

11. A partnership may be dissolve without being liquidated. True or False?

12. Salaries to partners of a partnership typically should be accounted as?

13. What characteristic of the partnership is that each partner has an equal right to act for the partnership and to enter into contracts binding upon it.

14. Under this method, realization of non-cash assets is accomplished over an extended period of time.

15. It is a legal right of a partner to apply part or all of his loan account balance against his capital deficiency.

16. The excess of a partners share in losses over the partners capital credit balance, is called

17. It assumes possible losses due to inability of the partnership to dispose of part or all remaining non cash asset and failure of the partners with capital deficiencies to make additional contribution.