Partnership Dissolution

Partnership Dissolution

University

10 Qs

quiz-placeholder

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Partnership Dissolution

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Partnership Dissolution

Partnership Dissolution

Assessment

Quiz

Business

University

Medium

Created by

Dianne Tang-See

Used 82+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A, one of the partners in the ABC Partnership, decided to buy the share of B in the partnership. Which of the following statements is NOT true?

Partnership assets will remain the same.

There is no need to revise the partners' equity.

Partners' equity in total amount will not change.

Partnership profit and loss will change.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Dissolution always immediately causes the termination of the firm.

True

False

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When total agreed capital (TAC) is greater than total contributed capital (TCC), we assume that the partners are using the BONUS method with the admission of the new partner.

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Insolvency, insanity, or incapacity of a partner to perform may cause the dissolution of the firm.

True

False

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Partnership assets are not affected whenever the admission of a new partner is through purchase of interest of an existing partner.

True

False

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Upon the admission of a new partner under the BONUS method, the new partner will be the one to receive the bonus when his/her share in the agreed capital exceeds his contribution.

True

False

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Asset revaluation affects the capital balances of not just the existing partners, but also the incoming new partner.

True

False

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