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1 The partner who, in general, does not share in the losses of the partnership is

Select one:

a. Industrial partner

b. General partner

c. Capitalist partner

d. Limited partner

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

Select one:

a. Increase in Liability

b. Decrease in liability

c. Increase in Asset

d. Decrease in revenue

3 Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Debt ratio

b. Interest coverage ratio

c. Return on equity

d. Time-interest earned

4 The following can be contributed to a partnership except

Select one:

a. Property

b. Mortgaged property

c. Money

d. Industry

5 The fair way of dividing profit in the absence of an agreement is

Select one:

a. Answer not given

b. Based on capital contribution

c. Based on agreed ratio

d. Equally

6 ____________ consist of incorporators, shareholders, or member.

Select one:

a. Partners

b. Members

c. Controlled Corporations

d. Corporators

7 Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Equipment

b. Merchandise Inventory

c. Accounts Receivable

d. Cash

8 Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. NSF check

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

c. Interest Income

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

9 The number of directors or trustees of a corporation should not be less than five but not more than _________.

Select one:

a. Eighteen

b. None of the choices

c. Fifteen

d. Ten

10 If preferred shares were issued above par, the entry to record the issuance requires credits to ______________ and

Select one:

a. Share Capital

b. Share Premium

c. Shares of stock

d. Preferred Shares

11 Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Cash Sales

b. Receipts of dividends

c. Collection of Receivables

d. Sale of plant assets

12 The order of settlement of liabilities during liquidation is

Select one:

a. Government, employees, creditors, partners

b. Unsecured creditors Preferred creditors, secured creditors

c. Secured creditors, Preferred creditors unsecured creditors

d. Preferred creditors, secured creditors, unsecured creditors

13 Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Mortgage Payable

b. Accounts Payable

c. Notes Payable

d. Accrued Salaries Expense

14 Choose the letter that does not belong to the group.

Select one:

a. Petty cash fund

b. Adjusted balance method

c. Fluctuating fund method

d. Impress system

15 Which is not a correct statement?

Select one:

a. Admission of a new partner in an existing partnership is a formation of partnership.

b. A partner should contribute money or property only.

c. Two or five persons may form a partnership.

d. The partnership can be composed of two sole proprietors

16 Putting an end to partnership and distributing assets to partners is

Select one:

a. Winding up

b. Dissolution

c. Realization

d. Liquidation

17 Stock corporations are corporations with their share capital divided into ____________.

Select one:

a. Share Capital

b. Share Premium

c. Preferred Shares

d. Shares of stock

18 Non-stock corporations consist of ___________.

Select one:

a. Partners

b. Incorporators

c. Shareholders

d. Members

19 The following are real accounts except

Select one:

a. Accrued Interest Expense

b. Accrued Interest Income

c. Laundry Income

d. Accounts Receivable

20 If the total agreed capital is equal to the total contributed capital and the contributed capital of the new partner is less than his agreed capital there is

Select one:

a. No bonus

b. Bonus to new partner

c. Bonus to old partners

d. Goodwill

21 The partnership contract contains the following except

Select one:

a. Date of formation and terms of existence

b. Rights, powers and obligations of every shareholder

c. Location of the business

d. Nature and scope of the business

22 Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Merchandise Inventory, ending

b. Merchandise Inventory, beginning

c. Purchases

d. Freight-out

23 The owners of a stock corporation are called ___________.

Select one:

a. Members

b. Incorporators

c. None of the choices

d. Stockholders

24 ____________ is the evidence of share ownership.

Select one:

a. Fair market value

b. Stated Price

c. Stock certificate

d. Treasury shares

25 Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Miscellaneous Income

b. Sales

c. Accrued Interest Income

d. Service Income

26 change in relation of partners resulting from the withdrawal of a partner is called

Select one:

a. Liquidation

b. Realization

c. Winding up

d. Dissolution

27 Which is true about admission of a new partner by investment?

Select one:

a. The investment is a transaction between the old and new partner.

b. The investment will increase the total liabilities and capital of the partnership.

c. The investment of the new partner will be debited to his capital account.

d. The investment of the new partner will not change the current profit and loss agreement.

28 Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Merchandise inventory

b. Marketable securities

c. Cash

d. Accounts Receivable

29 Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Share Premium

b. Share capital

c. Treasury Shares

d. Retained Earnings

30 Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Payment of principal amount of loan

b. Payment of dividends

c. Purchase of treasury shares

d. Payment to suppliers

31 Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. T-Accounts

b. Balance sheet

c. Worksheet

d. Trial Balance

32 Which of the following statement is not true?

Select one:

a. The deficiency of a solvent partner should be absorbed by the remaining partners.

b. The insolvent partner should contribute cash to the partnership to cover his deficiency.

c. The deficiency of an insolvent limited partner will be shared by the remaining partners with credit balances.

d. If the deficient partner is a general partner, his deficiency is a receivable from him.

33 Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Receivable turnover

b. Debt ratio

c. Current ratio

d. Quick Ratio

34 Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Uncollectible Accounts

b. Prepaid Insurance Expense

c. Depreciation

d. Rent Expense

35 If the corporation issued only one kind of stock, it is understood to be _____________.

Select one:

a. Ordinary shares

b. Share Premium

c. Preferred shares

d. Treasury shares

36 The assigned price of no-par value shares is called ____________.

Select one:

a. Stated Price

b. Treasury shares

c. Fair market value

d. Stock certificate

37 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. 20%

b. 2%

c. 60%

d. 40%