A partnership characteristic which states that a partner, acting within the scope of the operations of the business, may bind the partnership and make it liable to third parties is termed as O Voluntary association O Co-ownership of assets O Separate legal entity O Mutual agency

A partnership characteristic which states that a partner, acting within the scope of the operations of the business, may bind the partnership and make it liable to third parties is termed as O Voluntary association O Co-ownership of assets O Separate legal entity O Mutual agency

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 2TF

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Question

A partnership characteristic which states that a partner, acting within
the scope of the operations of the business, may bind the partnership
and make it liable to third parties is termed as
O Voluntary association
O Co-ownership of assets
O Separate legal entity
Mutual agency

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