Partnership

Partnership

10th - 12th Grade

10 Qs

quiz-placeholder

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Partnership

Partnership

Assessment

Quiz

Business

10th - 12th Grade

Practice Problem

Hard

Created by

Lovely Tedjamulja

Used 1+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Where do interest on capital and interest on partners’ loans appear?

A

B

C

D

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does a partnership prepare an appropriation account?

to allocate profit for the year to each partner

to calculate interest on partners’ loans

to ensure that drawings are accounted for

to record dividends paid and proposed

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Benjamin and Cody’s partnership agreement states that Benjamin is to receive an annual salary of $10 000 and that profits and losses are to be shared in the ratio 3:2. The partnership’s profit for the year is $45 000.

What is Benjamin’s total allocation of profit?

$14 000

$23 000

$27 000

$31 000

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

$13 000

$27 000

$29 000

$31 000

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

David and Edward are in partnership.

Where are Edward’s interest on drawings and interest on capital recorded in his current account?

A

B

C

D

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

$7 000

$14 000

$17 000

$27 000

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Pat and Mike are in partnership. Pat is credited with an annual salary of $20 000. The balance of the partnership’s profit for the year is shared equally between the partners. The profit for the year was $100 000.

What is the total amount credited to Pat’s current account for the year?

$40 000

$50 000

$60 000

$70 000

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