TRUE/FALSE

____1. The admission, withdrawal, death, or bankruptcy of a partner requires a legal dissolution of the partnership, even though operation of the business may remain uninterrupted.

____2. Unless specified otherwise, partnership profits and losses are shared by the partners in the ratio of their average capital investments.

____3. Property or services received in exchange for capital stock should be recorded at the par or stated value of the shares issued.

____4. The normal balance for the Treasury Stock account is a debit balance.

____5. The Declaration on a stock dividend changes to total amount stockholders equity of the firm.

____6. Treasury Stock is usually credited for its par value when purchased

____7. Dividends in arrears pertain to non-cumulative preferred stock.

____8. Corrections of significant errors of past periods are charged or credited directly to the Retained Earnings account.

____9. Corporations with simple capital structures (only Common Stock issued need not present Earnings per Share calculation for common stock must present earnings per share figures for both their common stock and their preferred stock.

___10. When assets are invested in a partnership, they should be recorded in the accounting records at their agreed upon current fair value.