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Match the statements with the accounting principles. A partnership characteristic which states
that any partner may act as an agent of the partnership in conducting its affairs. A kind of partner
one whose liability to third persons extends to his private property. A body formed and
authorized by law to act as a single person although constituted by one or more persons and
legally endowed with various rights and duties. A kind of partner who contributes capital in
money or property. An association of two or more persons who bind themselves together to do
business for profit. The persons owning this form of business are called partners. A partnership
has a legal personality separate and distinct from that of each of the partners. A kind of
partnership for which no term is specified and is not formed for a particular undertaking or
venture and which may be terminated any time by mutual agreement of the partners or the will of
one alone. A kind of partnership consisting of one or more general partners and one or more
limited partners. A kind of partner who contributes money, property and industry. A partnenship
characteristic which states that no one should be forced or coerced in joining a partnership.-

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  • 1. Match the statements with the accounting principles. A partnership characteristic which states that any partner may act as an agent of the partnership in conducting its affairs. A kind of partner one whose liability to third persons extends to his private property. A body formed and authorized by law to act as a single person although constituted by one or more persons and legally endowed with various rights and duties. A kind of partner who contributes capital in money or property. An association of two or more persons who bind themselves together to do business for profit. The persons owning this form of business are called partners. A partnership has a legal personality separate and distinct from that of each of the partners. A kind of partnership for which no term is specified and is not formed for a particular undertaking or venture and which may be terminated any time by mutual agreement of the partners or the will of one alone. A kind of partnership consisting of one or more general partners and one or more limited partners. A kind of partner who contributes money, property and industry. A partnenship characteristic which states that no one should be forced or coerced in joining a partnership.-