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  3. which of the following statements is true of? par

Which of the following statements is true of? partnerships? If the partners have no partnership agreement specifying how to...

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Accounting

Which of the following statements is trueof? partnerships?

If the partners have no partnership agreementspecifying how to divide profits and? losses, then they shareprofits and losses equally.

B.

The profit sharing is always based oneach? partner's capital balances and any losses will be sharedequally.

C.

It is legally required to share the profit andlosses? equally, irrespective of the partnershipagreement.

D.

The stated ratio of profit sharing needs to beapproved by the SEC.

Answer & Explanation Solved by verified expert
4.0 Ratings (439 Votes)
Correct option is A If the partners have no partnership agreement specifying how to divide profits and losses then they share profits and losses equally When partners have not made any partnership agreement    See Answer
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