Partnership Liquidation

Partnership Liquidation

University

10 Qs

quiz-placeholder

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Partnership Liquidation

Partnership Liquidation

Assessment

Quiz

Business

University

Medium

Created by

Dianne Tang-See

Used 98+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

This results when a partner dies and the remaining partners decide to terminate the business:

dissolution

liquidation

incorporation

recognition

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In liquidation, the sale of non-cash assets is called

realization

net proceeds

gain from sale

loss from sale

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Lump sum liquidation is the process where partners receive cash as it becomes available.

True

False

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Partner A has a capital deficiency of P25,000, and the partnership has an existing loan payable to A amounting to P30,000. Partner A can opt to collect just the balance of P5,000 from the partnership. This option is called the:

capital deficiency

right of offset

loss on realization

balance payment

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If A's capital is deficient, but there is a loan payable to B, the right of offset can be applied.

True

False

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If the proceeds from the sale is less than the book value of the non-cash assets sold, this will decrease partnership assets but increase the partners' equity.

True

False

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The feature of unlimited liability covers all partners.

True

False

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