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SERENITY Can be based on Contract a profit sharing allocation device b. inneres expense other expense One who takes charge of the winding up of part Silent partner d. Liquidating partner Which of the following is the expense of the partnership b. Interest on louis becen partners to the partnership C. Both Whet is the bestress on a Sole Proprietorssizat callprice of any agreement, profits and lotses are divided based on initial contribued capital pigeon ending capital balance parodies and bosses would no longer be distributed a original capital contribution ratio cduring the year ceding capital balance ratio 4. average capital balance ratio The computation of the partner's share in the profits and loss b. abilities and tales of the partners d. all of its above The parmer's drawing accounts are used b. To record the additional investments during the per C. To recced the partser's share of net income or loss for an accounting period 0. What is the basis of initial investments if the partners do not have an agreement as to the amount of 1 Jamthe absence of any agrees a equally HE DOES SO Badly React with the smallest shore guilt. The persons who form the 19 9 03 4. 1 only 1 and 2 c.1 and 3 All of the above 4. included in the computation of the average capital c. Included in the computation of average capital if there is an expectation of big profits 4. If the primary consideration is the partner's capital contributions, the most equitable profit and loss b. beginning capital balances & inverage capital balances if the partnership agreement provides for the dive would be dividends The ratio of average captial balances The ratio of original capital balances coaching is the , the ed apostles of net income Interest en Noes Payable to Passers & salary allow ances to the purteen capital account and credit to the other partners' capital accounts? The results of operations are allocaned in an agreed ratio and the partnership's net income for the . The revolts of operations are divided in the average capul balance rain and one of them had a lo 19. Which of the following methods of asuituring net income canter stand alone? . Interest allowance and remainder ratio alone 19, Which of the fullencing methods of diss Artitrary mario date balance sheet at? a Carrying value b. Original cost d. Historical cost agreetrust; (2) If he is included in the profit at the puttship if he is (1) Itx d. Both options are incorrect partnership would be recorded at the b . Block values ce the fair value of the propping, whichever is tour d Jocch, Drawing a Limited partner b. Capitalis partner s. . capitalist industrial partner be an a Partners do ack fury income cases on their share in the partnership net income. d. A partnership will be terminated by the death or withdrawal of a parties. 6 . The partnership trust be composed of five or more people 3. In the atnence of a profit agreement, which among the following of receive a profit sham equal to the share of a capitalist partner having the smallest shoe? d Silent partner interest a all of the abo to theserefleks alle live for which the pan More of the above . Limited life what do you call 's partner who is appointed to sell a dissolution? 2. Industrial partner C. Liquidating partner ba The primary reason why an Article of a >hattand Trust and Fidelity C. Mutual Agency 5. The divisheri of powers necessary because potis on the basis the BIR requires this he wam of the year's dign method straight lise method 7. A partner will not bird the partnership when the to hem purchased is not within the normal scope of the business. the bern purchased is considered lam a It is a concept which states that the business is separate and divinci h Business Emily theory C. Substance over Form Which among the follow & Lean fromnapht following has a nor b. Partner's capital Shares fell on assess 0. Which of the following a interest allow ance paid to portisers based on the amount of their havested capital a Minimal agency half of the other partners. 2. Which of the following can be classified as an asset account? 1. A partnership is b. An association of theo or more persons to carry on a business for a profit as co- sweets d. An entity that is always created by to owing statutory re a Looms receivable teen porn is not collectible from a pussycats d. Due broom partner Future value of cash contributions of a partner be recorded in the partnership books? excus cash after taking into comicderation the effects of inflation 13. A peteership is arr 1. Accounting eatity 2. Taxable entity . Taxable eatity only a Services or industry 1. All of the above aties to be assumed a As Services rendered to the gren mining the partiers share of prock, except: b. Loans to the purmership c. Capital Contribution radio a ongnal investment account meeting shuge me chem if the end of the period Asserting all of thein are present, which of the a Specified by the ave remainder G 'S Capkal balances