1. Point in time when all partnership affairs are completely ended and nally settled 1. Operation 2. Formation 3. Termination 4. Dissolution 2. This pertains to the process of converting noncash assets to cash during liquidation. 1. Realization 2. Operaition 3. Auction 4. Sales 3. This defines a corporation is an artificial being created by operations of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence 1. Section 2, Corporation Code of the Philippines 2. Section 3, Corporation Code of the Philippines 3. Section 4, Corporation Code of the Philippines 4. Section 5, Corporation Code of the Philippines 4. This enumerates the powers and limitations conferred upon the corporation by the government 1. Articles of copartnerhip 2. Articles of incorporation 3. Corporate by-laws 4. None of the above 5. Referred to a partner where his personal assets is not sufficient to cover up his personal liabilities 1. General partner 2. Limited partner 3. Insolvent partner 4. Solvent partner 6. organization or preoperating costs are charge to expense in the period incurred 1. PAS 34 2. PAS 35 3. PAS 37 4. PAS 38 7. The accounting procedure to be used when treasury shares are declared as dividends will be? 1. Accounting for large share dividend 2. Accounting for small share dividend 3. Fair value method 4. Cost method 8. To determine the correct distribution of cash, a schedule of distribution is prepared every time a partial settlement will be made, is known as? 1. Statement of Liquidation 2. Schedule of Safe Payments 3. Cash Priority Program 4. Statement of Dissolution 9. The portion of the paid-in capital arising from the issuance of share capital which cannot be returned to the shareholders in any form during the lifetime of the corporation for the protection of the corporate creditors. 1. Share Capital 2. Total Capital 3. Capital Stock 4. Legal Capital 10. Statement 1: In the lumpsum liquidation, the distribution of cash to partners is made only after all the non-cash assets have been realized, the total amount of gain or loss on realization has been determined and distributed and all liabilities have been paid. Statement 2: Partnership dissolution is always followed by liquidation 1. Only statement 2 is true 2. Only statement 1 is true 3. Both statements are true 4. Both Statements are false 11. This involves the order of priorities or creditors' rights against the partnership assets and the personal assets of the individual partners. Sales Liquidation Realization Marshalling of assets PPE'JT