Which of the Following Is TRUE of the Assets of a Partnership

Multiple Choice

Which of the following is TRUE of the assets of a partnership?

A) The partner who is more actively involved in the daily business affairs is considered to be the sole owner of the partnership's assets.
B) Any new assets purchased by the partnership are jointly owned by each partner.
C) When a partner contributes a particular asset to the firm, he is considered to be the sole owner of the asset.
D) In the case of the liquidation of a partnership, the partners must be paid based on the profit sharing ratio of the partnership.