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AICPA Exam CPA-Business Topic 1 Question 2 Discussion
Actual exam question for
AICPA's
CPA Business Environment and Concepts exam
Question #: 2
Topic #: 1
[All CPA Business Environment and Concepts Questions]
Topic #: 1
The partners of College Assoc., a general partnership, decided to dissolve the partnership and agreed that none of the partners would continue to use the partnership name. Under the Revised Uniform Partnership Act, which of the following events will occur on dissolution of the partnership?
Suggested Answer:
C
Choice "c" is correct. "No - Yes."
Rule: Upon the dissolution of the partnership, each of the partners continues to have liability for partnership debts. Upon dissolution of the partnership each of the partners will continue to have apparent authority. The apparent authority of a partner can only be negated upon proper notice to third parties.
Choices "a", "b", and "d" are incorrect, per the above rule.
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