AFAR 1

AFAR 1

University

15 Qs

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AFAR 1

AFAR 1

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

Mary Pangalay

Used 3+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

According to the Civil Code of the Philippines, what is the definition of a partnership?

A contract between two or more persons to contribute property only to a common fund with the intention of dividing the profits among themselves

A contract between two or more persons to contribute money only to a common fund with the intention of dividing the profits among themselves

A contract between two or more persons to contribute industry only to a common fund with the intention of dividing the profits among themselves

A contract between two or more persons to contribute money, property, or industry to a common fund with the intention of dividing the profits among themselves

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are the characteristics of a partnership according to the acronym SECMULI?

Separate legal personality, Ease of formation, Co-ownership of contributed assets, Mutual Agency, Mutual participation in the profits, Unlimited liability, Unlimited life

Separate legal personality, Ease of formation, Co-ownership of contributed assets, Mutual Agency, Mutual participation in the profits, Limited liability, Unlimited life

Separate legal personality, Ease of formation, Co-ownership of contributed assets, Mutual Agency, Mutual participation in the profits, Limited liability, Limited life

Separate legal personality, Ease of formation, Co-ownership of contributed assets, Mutual Agency, Mutual participation in the profits, Unlimited liability, Limited life

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the primary formation issue in partnership formation?

Profit or loss allocation

Valuation of contribution

Settlement of partnership liabilities

Periodic adjustment of capital after operation

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

According to the Civil Code, in what order should assets contributed by the partners to the partnership be valued?

Agreed values, Fair values

Present values, Agreed values

Agreed values, Present values

Fair values, Agreed values

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are the stages in the life of a partnership?

Formation, Operation, Dissolution, Liquidation

Formation, Operation, Incorporation, Liquidation

Formation, Operation, Retirement, Liquidation

Formation, Operation, Dissolution, Incorporation

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the accounting issue that arises when the net assets invested by a partner do not equal the agreed capital for a partner?

Bonus method

Goodwill method

Revaluation method

Additional investment

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the primary accounting issue in partnership operation?

Settlement of partnership liabilities

Profit or loss allocation

Valuation of contribution

Periodic adjustment of capital after operation

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