Partnership Concepts

Partnership Concepts

University

30 Qs

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Partnership Concepts

Partnership Concepts

Assessment

Quiz

Business

University

Hard

Created by

Amilla Graz

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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements pertains to partnership dissolution?

It refers to the process of converting the non-cash assets of the partnership and distributing the total cash to the creditors and the remainder to the partners.

It refers to the change in the relation of the partners caused by any partner ceasing to be associated in the carrying on of the partnership.

It refers to the extinguishment of the juridical personality of the partnership.

It refers to the end of the life of the partnership.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following will not result to the dissolution of a partnership?

Insolvency of the partnership

Admission of a new partnering an existing partnership

Assignment of an existing partner's interest to a third person

Retirement of a partner

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements is correct when a new partner is admitted to an existing partnership by purchasing a portion of a capital interest of an existing partner?

It will result to revaluation or impairment of existing assets of the partnership

The partnership will recognize gain or loss in the transfer of capital from one partner to another partner.

The partnership is not dissolved by the admission of a new partner by purchase

It will result to credit to capital of newly admitted partner with corresponding debit to capital of the selling partner.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In case of admission of a new partner in an existing partnership through investment to the partnership, which of the following scenarios will result in a bonus to the new partner and asset revaluation?

The total contributed capital of all partners is equal to the total agreed capital of new partnership while the agreed capital of new partner is higher than the amount he has contributed

The total contributed capital of all partners is more than the total agreed capital of new partnership while the agreed capital of new partner is lower than the amount he has contributed.

The total contributed capital of all partners is less than the total agreed capital of new partnership while the agreed capital of new partner is higher than the amount he has contributed.

The total contributed capital of all partners is more than the total agreed capital of new partnership while the total agreed capital of old partners is equal to the amount they contributed.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a partner who retired from the partnership receives less than the capital balance before retirement which also results in a decrease in the capital balance of remaining partners, which is correct?

The retiring partner receives bonus from remaining partner.

An impairment loss is recognized before retirement.

Revaluation surplus is recognized before retirement.

The retiring partner gives bonus to the remaining partner.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who may acquire the ownership interest of a partner who is withdrawing from a partnership?

Existing partner

New investor

The partnership

All of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements is true with regard to a withdrawing partner?

A bonus must be paid to the retiring partner.

A bonus may be paid to the retiring partner.

A bonus must be paid to the retiring partner or to the remaining partners.

Recognizing a bonus is not appropriate when a partner retires.

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