GoConqr has a new look! Let us know what you think.

Sign up free

Quiz

ACCT 2013 - Concept 1

Adam Peterson 6 questions

Take the quiz

Questions in this quiz (6)

  1. 1Charlie and James form a partnership. Charlie contributes cash of $45,000 and equipment with an original cost of $50,000 and a fair market value of $26,000. James contributes cash of $12,000 and furniture with an original cost of $15,000 and a fair market value of $5,000. Which of the following is true?
    1. ACharlie, Capital is credited for $95,000
    2. BCharlie, Capital is credited for $92,000
    3. CJames, Capital is credited for $27,000
    4. DJames, Capital is credited for $17,000
  2. 2Nancy and Shane enter into a partnership agreement. Nancy contributes $40,000 in capital. Shane contributes $80,000 in capital. The agreement stipulates that profits and losses will be shared in the ratio of their respective capital account balances. The net income for the year is $51,000. Which of the following amounts should be credited to Nancy’s capital account?
    1. A$17,000
    2. B$25,500
    3. C$34,000
    4. D$51,000
  3. 3What is a disadvantage of a partnership?
    1. ALimited personal liability
    2. BUnlimited personal liability
    3. CDouble taxation
    4. DSources of capital
  4. 4Angie, Brent, and Carlos enter into a partnership. Angie contributes 25% of the capital. Brent contributes 40% of the capital. Carlos contributes 35% of the capital. The partnership agreement does not specify how profits should be divided among partners. The partnership profit is $400,000 this year. How much is Brent’s share?
    1. A$160,000
    2. B$133,320
    3. C$100,000
    4. D$140,000
  5. 5The partnership of Charlie and James splits profits 30% to Charlie and 70% James. There is no provision for losses. The partnership has a net loss of $360,000 for the current year. What is Charlie’s share of these losses?
    1. A$180,000
    2. B$108,000
    3. C$252,000
    4. D$360,000
  6. 6Which of the following is true about partnerships?
    1. AA person can become a partner by purchasing an existing partner’s interest without asking the other partners.
    2. BThe purchase of an existing partner’s share of the business is a transaction between the firm and the new partner.
    3. CWhen a new partner purchases the share of an existing partner, the partnership ceases to exist and a new partnership begins.
    4. DAdmitting a new partner does not change the structure of the partnership.

Information

Description
ACCT 2013 Quiz on ACCT 2013 - Concept 1, created by Adam Peterson on 19/01/2018.
Language
English
Views
148
Rating
No ratings yet
Rate this quiz
Rate this quiz

Feedback

What is it about?

What do you think of the new look?

How do you like it?