1.

A business, such as a partnership, as to file its partnership agreement and register its firm’s
name with these government agencies, except one

a. Securities and exchange commission

b. Department of trade and industries
c. Bureau on internal revenue
d. National bureau of investigation

2. A loan due to a partner is presented in the statement of financial position as a

a. Current asset
b. Current liability
c. Partner’s equity
d. Deducted from fixed asset

3. A characteristic describing a partnership as a judicial personality which can acquire, sell or

dispose properties and incur obligation is called

a. Taxable entity
b. Legal entity
c. Mutual entity
d. Voluntary entity

4. Which of the following rights of a partner is false?

a. A partner has a right to share in the profits resulting from business operation
b. A partner has a right to exit a partnership even without the consent of all partners
c. A partner has a right to share in the remaining assets upon partnership liquidation after
the partnership creditors are paid
d. A partner has a right over specific partnership propety