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3 years ago

What is the preferred method of resolving a partner's deficit balance, according to the Uniform Partnership Act?

Business

1 answer:

olga_2 [115]3 years ago

3 0

Answer:

e. The partner with a deficlt balance contributes personal assets only If those personal assets exceed personal lablties.

Explanation:

The Uniform Partnership Act is a provision that resolves conflicts in a partnership that is not addressed in the partnership agreement.

The Act is used mostly with small and informal partnerships.

It has been adopted in all states except Louisiana.

Partners must settle their debts in order to redeem their interest in the partnership.

UPA provides that partner with deficit contributes personal assets only If those personal assets exceed personal liabilities.

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Which of these is a characteristic shared by both oligopolies and monopolies?a. Normal profits in the long runb. Significant bar

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Answer:

The characteristics which is shared among both monopolies and oligopolies is that they have significant barriers to the entry into the market.

Explanation:

Oligopoly market is the market structure which have a small number of firms, and could not have significant influence. The market have the barriers for entering into the market.

Monopoly market is the one which have a market structure having a single seller, selling the unique product, faces no competition and no substitute available with customers. In this market, there is also barriers for entering into the market.

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3 years ago

When real GDP grows more slowly than potential GDP, labor productivity falls. the unemployment rate rises. nominal GDP rises. th

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Answer:

the unemployment rate rises.

Explanation:

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Real GDP has been adjusted for inflation. It reflects the value of goods and services produced in an economy.

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3 years ago

In recording an accounting transaction in a double-entry systema.the number of debit accounts must equal the number of credit ac

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Answer:

c. The amount of the debits must equal the amount of the credits.

Explanation:

a. The number of debit accounts must equal the number of credit accounts.

An account means one record entry of a transaction. There may be more credit or more debit accounts, depending on the transactions.

b. There must always be entries made on both sides of the accounting equation.

Although this happens most often, it is not always true.

The Accounting Equation: Assets = Liabilities + Owner's Equity

The two sides are separated by the equal sign. There can be a transaction that's only on one side. Example:

I buy a chair for $50 cash. Only the furniture and cash accounts are affected, and they are both on the assets side.

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d. There must only be two accounts affected by any transaction.

This is untrue. Sometimes, three or more accounts can be affected. For example, if I buy a chair, giving $20 down payment and borrowing $30 from the bank. The three accounts affected are furniture (increase by $50), cash (decrease by $20), and bank loan (increase by $30).

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Answer:

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