Partnership and Corporation

Partnership and Corporation

University

37 Qs

quiz-placeholder

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Partnership and Corporation

Partnership and Corporation

Assessment

Quiz

Business

University

Medium

Created by

ipril joy naquita

Used 252+ times

FREE Resource

37 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

During the liquidation process, the partnership will focus on terminal activities?

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Right of offset is an established legal doctrine that a deficient partner can exercise to partly or fully apply his loan account to the partnership against his capital deficiency in the process of liquidation?

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When non-cash assets are sold less than book value, the sale results to a gain on realization.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The first step of the liquidation process is the sale of the non-cash assets and distribution of realization gain or loss?

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Theoretical loss refers to the balance of non-cash assets that were not sold during the liquidation process?

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Any partner who may develop a debit balance in his capital account may exercise the right of offset?

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In every partnership liquidation, a general partner's separate/personal asset can be subjected to claims from creditors after partnership assets are exhausted?

False

True

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