Chapter 19 – Accounting for Partnerships
Chapter 19
Accounting for Partnerships
1. A partnership has a limited life. It ends with the death or withdrawal of a partner.
2. Some partners, known as limited partners, may not be personally liable for the debts of the
partnership.
3. A legal partnership does not exist unless there is a written partnership agreement.
19–10
31. Which of the following statements is not correct?
32. Federal income tax is levied on
