Which of the Following Statements About Partnerships Is Incorrect

Multiple Choice

Which of the following statements about partnerships is incorrect?

A) Partnership assets are co-owned by partners.
B) If a partnership is terminated the assets do not legally revert to the original contributor.
C) If the partnership agreement does not specify the manner in which net income is to be shared it is distributed according to capital contributions.
D) Each partner has a claim on assets equal to the balance in the partner's capital account.