Question : The relation of a partner with the firm is that of:
Option 1: a principal
Option 2: an agent
Option 3: both a principal and agent
Option 4: a manager
Correct Answer: both a principal and agent
Solution : The relation of a partner with the firm is like a principal and agent. A partner acts as an agent of his/her principal. Hence the correct option is 3.
Question : The relationship of partners with the firm is:
Question : Which of the following is an appropriation of profit?
Question : What balance does a partner's capital account have, in case of fluctuating capital?
Question : Rent paid to a partner is debited to:
Question : Which of the following is not recorded on the credit side of current accounts of partners?
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