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SERENITY Which of the following partn general Partnership c. De facto Partnership that are Partnershipif a. Agreed fair value of the property b. Acquisition cost of the property d. Book value of the property 3. The partner's capital account is credited when there is a(an) a. Original Investment d. All of the above . If there is an agreement as to the artnership loss shall be shared by partners of loss, any b. proportionate to his initial capital contribution C. based on profit ratio north of the shove will on a. Both are easily dissolved. partnerships except C. All partners are liable for all debts of the firm. 56. Which of the following statements best describes the default profit or loss distribution mong the a. The profit or loss is taken only by one partner. C. The profit or loss is allocated based on the partner's agreement. parthethe profit or loss is divided based on the initial capital contribution of the partners. P 120,000. If the salaries are recorded in the accounts as a partnership expense rather than treater lowance of P 120 becomes the total share allocated of each partner would be: b. Unchanged for both of them C. More for Jojo and less for Cherry sonal expenses of a partner are paid by the partnership, the payment is debited to the b. partnership's expense account c. partner's expense account 59. If the partners have not drawn up an agreeme a. Equally hare profits and losses b. By ratio of their age d. According to initial capital comrib O. Basyang and Enteng formed a partnership, each contributing sets to the busin ng contributed n excess of its current market value. At what amount should the partnership record each of the fo MY Building cost C. Inventory @ cost, Building @ MV on July 1 2020 PLAN. Building @ MV mortgage and was assumed by the partnership. Emily's capital account on July 1 should increase by a. The fair value of the property at July 1. C . Emily's book value of the property less the mortgage at July 2. In conformity with GAAP, the following are to be treated as a profit-sharing device. except 62. In conformity with GAAP, the following are to be treated as a profit-sharing device, except 5. Bonus for the managing partners d. Interest on loans given to partnership eceivable from Rolf: (2) Lol, Drawin; (3) Lol, Loan "tnership? (1) b. 1 and 2 d. All of the above a. Partners do not pay income taxes on their share in partnership income b. A partnership is bound by the act of the partners d. A partnership may be terminated by the death or withdrawal of a partner Statement 1: When the partners agreed to divide the profit and loss using an arbitrary ratio, the inequality of loss starring should beobese of properties are important to the success of the partnership, the preferred a. Only Ist statement is true C. Both are correct 6. Which of these characteristics does not apply to a general pro a. Mutual agency hal partnership like law firms? b. Unlimited liability d. No separate income tax 67. Account used when the partner borro a. Drawing ts of the partnership Home payable d. Loans Receivable 68. The partner's capital account is credited except when a. he receives his share in profit, c. original investment is made ," 69. Which of the following will not be seen Articles of Partnership? B. Amount of contribution Profit and loss agreement 70. Which of the following is directly debited to the capital a c. Partner's share in the profits lowes to partners of a partnership should beactor inanticipation of partnership net income a. A device for sharing net income Drawings by the partners his statement shows the variation in the partner's interest in the partners a. Balance Sheet b. Income Statement " Notes to the Financial S d. Statement of changes in partner's capital life of a partnership ends when b. Unlimited liability exists A new partner is admit The mariner's drawing arrrmint is wend. 74. The panthersand there mantis used: b. To show an increase in the value of the land of the partnership ford the partner's share of net income or loss for the year . A 1:3:2 ratio is the same as b. 10%:30%:20% c. 1/10:3/10:2/10 76. If there is a provision for the division of profits a. Losses should no longer be divided b. Losses should be divided equally d. Losses should be allocated according to the ratio of ending capital balances. 7. A partner's withdrawal of assets from a partnership that is considered a permanent reduction in that partner's is debited to the partner's: b, Retained earnings account d. Loan Payable account B. In a limited partnership. a. all partners have limited liability. b. all but the general partners have limited liability. c. all but the general partners have unlimited liability. 9. The drawing account of a partner is debited, except for withdrawal of fish by the partner d. Receivable of the partnership collected and retained by the 50. What is the entry to record the acceptance of an industrial industrial partner to the partne b. General ledger through a debit-credit entry General journal through a debit-credit ent 1. All of the followuser through a memo entry a. Both have at least one general partner c. All partners are liable for all the debts of the firm enerally, the following partners should share in the losses of the partnership, except b. capitalist partner 83. Which type of partner does not have unlimited liability? Limited Partners d. Silent Partners partnership is busted amasi b. profit oriented business c. loss oriented business d. religious oriented business the capital balance of the partners would be b. Additional investments c. Share in profit d. All of the above 86. A partner whose liability for partnership debts is b. general partner 36. A partner whose liability for partnership del at is called c. limited partner 7. A partner's drawing account is: b. a real account c. a contra-capital acce da liability account 88. Which of the following statements about the partnership's financial statements is true? b. The distribution of net income is shown on the notes to the financial statem C. Only the total of all partner capital balances is shown in the balance sheet. d. The owner's equity statement is called the partner's capital statement of the following is a characteristic of a partnership? a. Unlimited life d. Division of profits only o. What average capital meth a. simple average b. complex average d. none of the above