COST ACCOUNTING
FINANCIAL TERMINOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which best describes a Partner
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Maintains an ownership stake, and participates in company decisions
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Any person who commits capital the expectations of financial returns
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a person or organization that pays some or all of the costs involved
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Money that is given, by a company to support a person or activity
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Explanation:
Detailed explanation-1: -An active partner is also known as Ostensible Partner. As the name suggests he takes active participation in the firm and the running of the business.
Detailed explanation-2: -Partnerships are unincorporated businesses with two or more owners (partners) who contribute in various ways (capital, labor, etc.) and may have legal liabilities.
Detailed explanation-3: -In a general partnership company, all members share both profits and liabilities.
There is 1 question to complete.