If the fixed capital balances method (method 2) is used to account for partnership equity, both the profit or loss and the partner's drawings are closed to the:

Select one:

a.profit or loss summary account.

b.partners' retained earnings accounts.

c.partners' capital accounts.

d.profit distribution account.

Companies are administered under the:

Select one:

a.Bankruptcy Act.

b.Company and Partnership Act.

c.Taxation Act.

d.Corporations Act 2001.

Which statement relating to workers' compensation insurance is incorrect?

Select one:

a.It is mandatory for all employers to obtain this cover.

b.The premium is based on a percentage of the total wages and salaries bill for the coming year.,

c.It relates to an insurance scheme, imposed by law, whereby the employer purchases insurance which may be used to compensate employees for job related injuries and loss of wages.

d.The premium is deducted from employees' salaries and wages.

Which of the following statements relating to a 'general partnership' is incorrect?

Select one:

a.Each partner is personally liable for the obligations of the partnership.

b.Partners have unlimited liability.

c.It is the most common form of partnership.

d.Each partner is liable for the debts of the partnership only in proportion to their original contribution.

McTavish's regular and overtime gross pay combined, for the week ending 30 November, was $1250. Amounts were deducted for income tax $243.70, union fees $12 and donations to charity $25. McTavish contributes 5% of his gross pay to a superannuation fund as a personal contribution. His net pay for the week is:

Select one:

a.$906.80

b.$844.30

c.$969.30

d.$1006.30

Under the Conceptual Framework Exposure Draft, the proposed definition of an 'economic resource' would be:

Select one:

a.a right that resulted from a past event.

b.a right that is exchanged for cash.

c.a right that has the potential to produce economic benefits.

d.a right that provides benefits to the entity.

Clear my choice