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Which of these is an advantage of a partnership over a sole proprietorship? Select one: a. Ease of transferring ownership b. Unlimited liability c. Pooling of resources d. Mutual agency Malaysia Company Ltd decided to issue 200 000 ordinary shares for $2.10c each, payable in instalments, 40c on application, $1 on allotment and the balance payable at the discretion of the company. Applications were received for 220 000 shares. The shares were allotted by the directors at a meeting held a week after the close of applications and refunds were made for 20 000 shares. The journal entry to record the full receipt of the allotment instalment is which of the following? Select one: a. Debit bank account $200 000; credit allotment $200 000 b. Debit allotment $220 000; credit share capital $220 000 c. Debit share capital $200 000; credit bank account $200 000 d. Debit bank account $220 000; credit allotment $220 000 What are the two criteria, specified in the Conceptual Framework, that must be met before a liability can be recognised in the accounting records? Select one: a. It must be probable that a future sacrifice of economic resources will be required and the liability must be beyond a reasonable doubt. b. It must be probable that any future sacrifices associated with the item will flow from the entity and the liability must have a cost or value that can be measured with reliability. c. There must have been a past event and there must be a present obligation d. The liability must be beyond a reasonable doubt and the amount of the liability must be able to be recognised reliably. What are the essential characteristics of a liability under the definition in the Conceptual Framework? i. Settlement requiring an outflow of resources embodying economic benefits. ii. A present obligation to an external party. iii. A legal debt. iv. The obligation must have resulted from past events. Select one: a. i, ii, iii b. i, ii, ,iv c. ii, iii, iv d. i, , iv If the variable capital balances method (method 1) is used, the profit or loss and partner's drawings are closed to the: Select one: a. profit or loss summary account. b. capital accounts. c. income statement. d. retained earnings accounts. The key difference between provisions and liabilities is: Select one: a. whether there is an obligation. b. the party that the obligation is owed to. c. the uncertainty regarding the amount or timing of the future sacrifice of economic resources. d. whether the obligation is current or non-current. On 1 January 2014 Manbobbie Ltd decided to issue 40 000 shares to the public, payable as follows: 50 cents initially on application 20 cents payable within one month of allotment 30 cents payable in calls due 30 September 2015. Assuming the issue was fully subscribed and all amounts due were received by 30 June 2014. The balance of the Share Capital account on that date was: Select one: a. $20 000. b. $40 000. c. $12 000. d. $28 000. At year-end, the Board of Directors of Mega Motors Ltd declared a final dividend of 4c per share on 80 000 ordinary shares. Early in the next year, the dividend was paid. Which of the following is the general journal entry to record the payment of the dividend? Select one: a. Debit bank $3200; credit final dividend payable $3200 b. Debit final dividend payable $3200; credit bank $3200 c. Debit retained earnings $3200; credit bank $3200 d. Debit retained earnings $3200; credit final dividend payable $3200 It is agreed in the partnership agreement of R and B that profit and loss sharing arrangements will be based on the ratio of the partner's capital balances. R and B have capital balances of $75 000 and $50 000 respectively at the end of the accounting period. If profit is $38 000 the profit allocations of each of the partners is: Select one: a. R $22 800; B $15 200. b. unable to be calculated from the information provided. c. R $19 000; B $19 000. d. R $20 000; B $18 000. Which is the true statement concerning preference shares? Select one: a. Preference shares normally have voting rights attached. b. Preference shareholders face a greater risk of loss than ordinary shareholders. c. Preference shares normally receive a fixed rate of dividend. d. Preference shares cannot be listed on the stock exchange. There are two methods of accounting for equity in a partnership referred to in the text, method 1 and method 2; these are: Select one: a. debit and credit methods. b. variable and fixed capital balances methods. c. equal and unequal profit sharing methods. d. interest and no interest methods. Mary and Paul have capital account balances at the end of the year of $100 000 and $80 000 respectively. Profit of the partnership is $90 000. The profit and loss sharing agreement calls for (1) a salary of $25 000 to Mary and $15 000 to Paul, (2) 10 % p.a. interest on capital balances, (3) the residual profit to be split 60:40 in favour of Mary. What is Mary's share of the distribution? Select one: a. $65 000 b. $51 000 c. $29 200 d. $54 200 A bank loan for $100 000, taken out on 1 July 2015, is repayable in equal instalments, plus interest, over 5 years. The annual repayments are due on the second last day of the financial year. How would the loan be classified in a balance sheet prepared at 30 June 2016, the end of the entities financial year? Select one: a. Current liability $20 000; non-current liability $60 000 b. Current liability $40 000; non-current liability $40 000 c. Non-current liability $80 000 d. Current liability $20 000; non-current liability $80 000 Which of these does not fit the IAS 37/AASB 137 definition of a provision as a liability of uncertain timing or amount? Select one: a. Provision for depreciation b. Provision for warranties c. Provision for environmental damage d. Provision for long-service leave On 1 January 2014 the balance in Detrack Pty Ltd's retained earnings account was $50 000. The balance on 31 December 2014 was $100 000. On 10 December 2014 dividends of $50 000 were declared payable on 31 January 2015. Assuming all closing entries have been completed the profit for 2014 was: Select one: a. $100 000. b. $50 000. c. $150 000. d. $0