1.

The right side of a T-account is used to record

Select one:

a. Decrease in revenue

b. Increase in Asset

c. Decrease in liability

d. Increase in Liability

2.

Odd-man Out. Choose the letter that does not belong to the group.

Select one:

a. Interest Income

b. NSF check

c. Notes Receivable collected by banks in behalf of the depositor

d. Proceeds of bank loan deposited in the account of the depositor

3,

Any retiring partner may do any of the following except

Select one:

a. Sold his interest to the any of the remaining partners.

b. Sold his interest to outsider without the consent of the partners.

c. Sold his interest to the partnership.

d. Transfer his interest to any member of his family.

4.

The profit and loss ratio of partners A and B of 2:3 means that the share of A is equivalent to

Select one:

a. 2%

b. 60%

c. 20%

d. 40%

5.

Odd-man Out. Choose the letter that does not belong to the group.

Select one:

a. Trial Balance

b. Balance sheet

c. Worksheet

d. T-Accounts

6.

Which is not true?

Select one:

a. The industrial partner should not be sharing in the profits of the partnership if he is receiving a separate salary.

b. Salaries to partners and interest on capital can be a way of dividing net income of the partnership.

c. A person who is not receiving a share in the profit of a partnership is not a partner.

d. A partnership can have no stated agreement on how to divide losses.