Property, plant and equipment are Mulle Chance Intangible assets used in the operations of a business having a useful life of more than one accounting period Tangible assets used in the operation of business having a useful life of less than one accounting period Long-term investments Tangible assets used in the operation of a business having a useful life of more than one accounting period Current assets A partnership agreement is Multiple Choice The legal relationship among general partners of a partnership that makes each general partner responsible for paying all the debts of the partnership if the other partners are unable to pay their shares The agreement that protects all the partners of a partnership from unlimited liability for the partnership debts O An unincorporated association of two or more persons to carry on a business for profit as co-owners The legal relationship among the partners whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within the apparent scope of the partnership's business The agreement between partners that sets forth the terms under which the affairs of a partnership will be conducted Investments in associates are Multiple Choice Recorded at historical cost when purchased and reported at fair value Reported at historical cost adjusted for the amortized amount of any difference between cost and maturity value Recorded at historical cost when purchased and reported at historical cost, adjusted for the amortized amount of any difference between cost and maturity value Recorded at historical cost when purchased and accounted for using the equity method Reported at fair value Current assets divided by current liabilities is called the Multiple Choice Solvency ratio Quick ratio Current ratio Working ratio Liquidity ratio Which of the following is the debt-to-equity ratio calculation? 5 Maple Choice Total current habilities -(total assets - shareholders' equity) flotal current liabilities + Total long-term liabilities) - total shareholders' equity Total liabilities -(total liabilities + shareholders' equity) Total long-term Liabilities - Total shareholders' Equity (Total current liabilities + total long-term liabilities) - (total long-term liabilities + shareholders' equity Identify the reason(s) why Investments are made in other corporations Multiple Choice To participate in new markets and technologies and to build a favourable business relationship with a major customer or supplier To participate in new markets and technologies To build a favourable business relationship with a major customer or supplier To gain insider information on the corporation None of these When a partnership is liquidated Multiple Choice The liabilities are paid Any gain or loss on liquidation is allocated to the partners' capital accounts. The remaining cash is distributed to the partners All of these answers are correct along The noncash assets are converted to cash Companies use share dividends Multiple Choice To increase contributed capital To increase the market value of shares To keep the market price of the shares affordable All of these To raise capital for the company for future expansion