
partnership liquidation
Quiz
•
Business
•
University
•
Easy
TeaTi Moh
Used 6+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Lump sum liquidation method requires that all assets are converted into cash, all liabilities are paid, and all profits and losses are charged to the partners, followed by a single distribution of cash.
t
f
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The process of removing the debit balance of a partner through his existing loan account is called exercising the right of off set.
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f
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Dissolution always results to liquidation.
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Answer explanation
Dissolution does not always result to liquidation.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In liquidation, cash should be distributed first to outside creditors.
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5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Gain or loss on realization is divided among the partners according to their capital contributions.
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f
Answer explanation
according to P&L agreement instead of capital contributions
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The loss absorption potential is the maximum loss each partner can absorb and which can eliminate him from any cash distribution.
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7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the partnership liquidation statement, assets are generally classified as cash and non-cash assets.
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f
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