What is the preferred method of resolving a partner's deficit balance, according to the Uniform Partnership Act?
A. The partner with a deficit balance contributes personal assets only if those personal assets exceed personal liabilities.
B. Partners never have a deficit balance.
C. The partnership must sell assets in order to cover the deficit balance.
D. The partner with a deficit balance must contribute personal assets to cover the deficit balance.
E. The other partners must contribute personal assets to cover the deficit balance.
Answer: D
You might also like to view...
Total productive efficiency is produced by an optimal combination of technical efficiency and allocative efficiency
Indicate whether the statement is true or false
A marketing and sales budget that specifies each marketing task and the amount needed to accomplish
it is called a bottom-up marketing and sales budget. Indicate whether the statement is true or false
NAFTA is an example of a
A. protective tariff agreement. B. global financial institution. C. regional free-trade agreement. D. collective bargaining agreement. E. military alliance.
Which of the following costs usually would not be included in the cost of inventory?
a. Insurance on goods in transit b. Related tariffs c. Invoice price less purchase discounts d. Storage costs