partnership liquidation

partnership liquidation

University

20 Qs

quiz-placeholder

Similar activities

Partnership Dissolution Online Game

Partnership Dissolution Online Game

University

15 Qs

BSMA1a-Live quiz 1

BSMA1a-Live quiz 1

University

15 Qs

ACP 6 - PARTNERSHIP OPERATIONS

ACP 6 - PARTNERSHIP OPERATIONS

University

15 Qs

Partnership Dissolution

Partnership Dissolution

University

25 Qs

LAW OF PARTNERSHIP (BUSINESS ENTITIES AND NATURE OF PARTNERSHIP)

LAW OF PARTNERSHIP (BUSINESS ENTITIES AND NATURE OF PARTNERSHIP)

University

20 Qs

General knowledge

General knowledge

University

20 Qs

FUNDAMENTALS OF ABM - 2

FUNDAMENTALS OF ABM - 2

11th Grade - University

15 Qs

Role and Function of Profit and Taxes in Business

Role and Function of Profit and Taxes in Business

9th Grade - University

20 Qs

partnership liquidation

partnership liquidation

Assessment

Quiz

Business

University

Easy

Created by

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.

t

f

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Dissolution always results to liquidation.

t

f

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.

t

f

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Gain or loss on realization is divided among the partners according to their capital contributions.

t

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.

t

f

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the partnership liquidation statement, assets are generally classified as cash and non-cash assets. 

t

f

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?