BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Allen, Thea, Julia, & Abbie are partners in Albanian Company. Not having established yet their credit standing, the four partners requested Leddah, a well-known businesswoman, to help them negotiate a loan from Grace, a money lender. With the consent of Allen, Thea, Julia, & Abbie, Leddah represented herself as a partner of Albanian Company. Thereafter, Grace granted a loan of P 1, 200, 000 to Albanian Company. What kind of partner is Leddah?
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Managing partner
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Liquidating partner
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Ostensible partner
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Partner by estoppel
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Explanation:
Detailed explanation-1: -Well, the purpose of preparing an adjusted trial balance is to ensure that the financial statements for the period are accurate and up-to-date. It corrects any errors to make the statements compatible with the requirements of an applicable accounting framework.
Detailed explanation-2: -The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business. This information is then used to reach decisions about how to manage the business, or invest in it, or lend money to it.
There is 1 question to complete.