Question : Assertion (A): The partners are the agents as well as principals of the firm.
Reason (R): Partnership is a business relationship among two or more persons to share profits and losses of the business carried on by all or any of them acting for all.
Option 1: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)
Option 2: Both Assertion (A) and Reason (R) are true but Reason (R) is not the correct explanation of Assertion (A)
Option 3: Assertion (A) is true but Reason (R) is false
Option 4: Assertion (A) is false but Reason (R) is true

Question

Question : Assertion (A): The partners are the agents as well as principals of the firm.
Reason (R): Partnership is a business relationship among two or more persons to share profits and losses of the business carried on by all or any of them acting for all.

Option 1: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)

Option 2: Both Assertion (A) and Reason (R) are true but Reason (R) is not the correct explanation of Assertion (A)

Option 3: Assertion (A) is true but Reason (R) is false

Option 4: Assertion (A) is false but Reason (R) is true

Team Careers360 · Accepted Answer

Correct Answer: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)

Solution : The partners are the agents as well as principals of the firm and a Partnership is a business relationship among two or more persons to share profits and losses of the business carried on by all or any of them acting for all. Hence, the correct option is 1.

Exams

Colleges

Predictors

Resources

Quick links

B.Tech CompanionUse Now Your one-stop Counselling package for JEE Main, JEE Advanced and BITSAT

Exams

Colleges & Courses

Predictors

Resources

Exams

Colleges

Predictors & E-Books

Resources

Engineering Preparation

Medical Preparation

Online Courses

Products

Exams

Colleges

Resources

Exams

Colleges

Predictors & Articles

Resources

Exams

Colleges

Predictors

Resources

NEET CompanionUse NowYour one-stop Counselling package for NEET, AIIMS and JIPMER

Exams

Colleges

Upcoming Events

Resources

Exams

Colleges

Resources

Quick Links

Top Streams

Specializations

Resources

Top Providers

Exams

Colleges

Resources

Diploma Colleges

Exams

Colleges

Resources

Exams

Resources

Top Courses & Careers

Colleges

Exams

Upcoming Events

Resources

Other Exams

Exams

Colleges

Top Countries

Student Visas

Exams

Top Schools

Products & Resources

NCERT Study Material

Related Questions

Question : Assertion (A): Partnership Deed is a legal document signed by all the partners. Reason (R): Any type of charitable institution running as a not-for-profit organization will not be

Question : Assertion (A): Weighted average profit method is considered better than the simple average profit method because it assigns more weightage to the profits of the latest year which is more

Question : Assertion (A): Salary and commission are payable to the working partners for their efforts. Reason (R): No partner shall be paid such remuneration as salary, commission, etc. if the

Question : Assertion (A): NPO do not maintain any capital

Question : Assertion (A): Income and Expenditure Account

Trending Articles/News

Sign In/Sign Up

Download the Careers360 App on your Android phone

B.Tech CompanionUse Now
Your one-stop Counselling package for JEE Main, JEE Advanced and BITSAT

NEET CompanionUse Now
Your one-stop Counselling package for NEET, AIIMS and JIPMER

Question : Assertion (A): Partnership Deed is a legal document signed by all the partners.
Reason (R): Any type of charitable institution running as a not-for-profit organization will not be

Question :
Assertion (A): NPO do not maintain any capital

Question :
Assertion (A): Income and Expenditure Account