Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:
Which of the following is/are a feature (s) of a partnership firm?
Options:
There must exist an agreement between partners to work together and share profits amongst them
The existence of a business is an essential feature of partnerships.
Principal-agency relationship.
All of the above
Correct Answer:
All of the above
Explanation:
Agreement. The definition of the partnership itself makes it clear that there must exist an agreement between partners to work together and share profits amongst them. Business. The existence of a business is an essential feature of partnerships. Profit sharing. Principle-agency relationship.