Asked by AZALEA RODRIGUEZ on May 31, 2024
Verified
A partner of a partnership firm should make every effort to make decisions that are in the best interest of the firm.This is related to the concept of ________.
A) duty to serve
B) duty to act within actual authority
C) duty of care
D) duty to account
Duty to Account
An obligation to provide a detailed report of financial transactions or holdings, typically mandated in fiduciary relationships or other scenarios demanding transparency and accountability.
Best Interest
The most favorable or advantageous course of action for an individual or entity, often used in legal and financial contexts to determine what practices or decisions will most benefit the party in question.
- Recognize the responsibilities and commitments of partners towards one another and the partnership itself.
Verified Answer
Learning Objectives
- Recognize the responsibilities and commitments of partners towards one another and the partnership itself.
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