What is the relationship between a Partn

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Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:

What is the relationship between a Partner and a Firm?

Options:

A principal and an Agent

Manager

Agent

Owner

Correct Answer:

A principal and an Agent

Explanation:

Section 18 specifies that a partner is an agent of the firm for the purpose of business of the firm.