1.In the Goodwill method of recognizing the admission of a new partner which of the following is likely to happen:

A. The new partnership is recognized at fair market value

B.Book value would be used to recognize the new partners assets

C.fair market value is not recognized

D.book value is not recognized

2.Major funds are described as A.those in which assets, liabilities, revenues, or expenditures are at least 10% of all funds in that type.

B.at least 5% of all government and enterprise funds combined

C.the general fund and enterprise funds

D.all of the answers are correct