A legal partnership does not exist unless there is a written partnership agreement.
Correct Answer:
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Q7: Salary and interest allowances for partners are
Q9: The separate entity assumption requires personal expenses
Q9: Unlike a corporation, a partnership does not
Q10: The cost of merchandise withdrawn by a
Q11: Each partner is empowered to act as
Q13: When a partner makes a cash withdrawal
Q14: Establishing a fiscal year and specifying the
Q16: The journal entry to record the division
Q17: The assets of a sole proprietorship are
Q19: Some partners, known as limited partners, may
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