Have an account?
Skip to Content
Build your own quiz
Suggestions for you
25 questions
Show Answers
See Preview
- 1. Fill in the Blank
True or False
Admission of a new partner by investment will change total assets and total capital
- 2. Fill in the Blank
True or False
When a partner is admitted, the partnership may continue operations based o a new contract among the partners.
- 3. Fill in the Blank
True or False
The total assets of the partnership will increase upon admission of a new partner by purchase of interest.
- 4. Fill in the Blank
True or False
A new partner may be admitted into the partnership with the consent of the majority of the old partners.
- 5. Fill in the Blank
True or False
A partnership dissolution will always lead to a partnership liquidation.
- 6. Fill in the Blank
True or False
Bonus to a new partner is given by the old partners.
- 7. Fill in the Blank
True or False
If the agreed capital exceed total contributed capital, the difference may be positive asset revaluation.
- 8. Fill in the Blank
True or False
If the capital credit of the partner is less than his investment, the difference is always recorded as asset revaluation.
- 9. Fill in the Blank
True or False
The admission of a new partner in an existing partnership dissolves the old partner.
- 10. Fill in the Blank
True or False
A new partner may be admitted without an investment and without the recognition of capital interest.
- 11. Fill in the Blank
True or False
The agreed capital can never be less than the total contributed capital.
- 12. Fill in the Blank
True or False
When a new partner enters an existing partnership by purchasing partner's interest, the cash paid to the selling partner for the partnership interest is always equal to the new partner's capital balance.
- 13. Fill in the Blank
True or False
A bonus given to the old partner by a new partner increases the capital account balances of the old partners.
- 14. Fill in the Blank
True or False
Admission of a new partner by purchase of interest is a personal transaction between the selling partner and the buying partner. Hence, any indicated gain in the transaction is not recognized in the partnership books.
- 15. Fill in the Blank
True or False
In the admission of a new partner by purchase, the new partner may pay more than, less than or equal to the book value of the interest sold by any or all of the old partners.
- 16. Fill in the Blank
True or False
Asset revaluation may be recorded upon the admission of a new partner whether by purchase or by investment.
- 17. Fill in the Blank
True or False
In the admission of a new partner by investment, agreed capital must always equal contributed capital.
- 18. Fill in the Blank
True or False
Asset revaluation affects total assets and total capital but bonus do not.
- 19. Fill in the Blank
It can be determined by dividing the new partner's contribution by his fraction of interest.
- 20. Fill in the Blank
The transfer of capital from one partner to another.
- 21. Fill in the Blank
The change in the relation of the partners caused by any one of them ceasing to be associated in the carrying out of the business.
- 22. Fill in the Blank
Type of admission wherein the new partner is admitted by buying the whole interest or a portion thereof of one or more old partners.
- 23. Fill in the Blank
A type of admission which increases total assets and total capital of the partnership.
- 24. Fill in the Blank
The increase in the capital credit of a new partner, other than his capital contribution, which reduces the capital of the former partners.
- 25. Multiple Choice
Which of the following does not result in the dissolution of a partnership?
Marriage of a partner
Withdrawal of a partner
Addition of a new partner
Death of a partner
- Answer choicesTagsAnswer choicesTags