Revision [Module 4 - 9]

A partnership has a maximum of how many people?

• 1

• 2

• 20

• No limit

Which of the 2 is the correct formula to calculate depreciation using the diminished balance method?

• CV X Depreciation % x Period/12

• Cost x Depreciation % x Period/12

Trading Accounts: What goes into the Credit side of a Trading Account?

• Depreciation

• Sales

• Cost of Sales

• Profit and Loss

• 

Trading Accounts: What goes into the Debit side of a Trading Account?

• Profit and Loss

• Cost of sales

• Sales

• 

Asset Disposal Account: What goes into the Debit side of an Asset Disposal Account?

• Depreciation

• The cost of the asset being sold

• Accumulated depreciation

• Profit on sale of asset

• Selling price of the asset

Which of the following is NOT part of the primary distribution?

• Bonuses of partners

• Interest on Capital

• Salaries of partners

• Interest Income

How is the secondary distribution calculated?

• Profit less Primary distribution

• Profit x Profit sharing % of each partner

• Profit less Salaries less Interest on capital less bonuses

• Capital x Profit sharing ratio

Appropriation Account: What goes into the Credit side of the Appropriation account?

• Current Account

• Interest on Capital

• Profit and loss account

• Bonuses of each partner

Profit and Loss Account: What goes into the debit side of the profit and Loss account?

• All Incomes

• All expenses

• Current account

• Appropriation

Current Accounts: Which of these DOES NOT go on the Credit side of the Current Account?

• Salary

• Bonus

• Interest on capital

• Appropriation Account

• Drawings