5 Questions
True or false: Partnership business requires a minimum of 3 partners?
False
True or false: The business carried by a partnership firm must be legal?
True
True or false: Partnership business can be formed through an oral agreement?
True
True or false: Partnership business involves sharing of profits among the partners?
True
True or false: The liability of partners in a partnership business is limited?
False
Test your knowledge on partnership accounting with this quiz! Learn about the meaning of partnership business, the features of a partnership, and the basics of accounting for partnership firms. Brush up on your understanding of profit and loss sharing, as well as the legal aspects of partnerships.
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