What is the minimum number of partners required to commence a partnership business
1.If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting
A)Arithmetic accuracy
B)Errors of commission
C)Omissions of economic events
D)Understatements of balances
2. Which of the following account with normal balance is shown at the debit side of a trial balance?
A) Rent income account
B)Creditors account
C)Unearned income account
D)Cash account
3. Which of the following account with normal balance is shown at the credit side of a trial balance?
A)Cash account
B)Bank account
C)Equipment account
D)Accrued expenses account
4.What is the minimum number of partners required to commence a partnership business?
A)20
B)10
C)2
D)4
5.Partnership type of business is formed by the mutual agreement of partners. What kind of agreement is it?
A)Oral agreement
B)Written agreement
C)Oral or written agreement
D)None of them
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