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Business Accounting

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Business Accounting
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What document outlines the terms of partnership, including profit sharing ratios?

Partnership Agreement

Partnership Deed

Partnership Contract

Partnership Memorandum

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is interest on capital typically calculated in a partnership?

Fixed percentage of capital

Equal for all partners

Based on total sales

As a lump sum

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What is the primary purpose of the Profit and Loss Appropriation Account in partnership accounting?

Allocate profits or losses among partners

Record partnership asset sales

Calculate partnership liabilities

Determine partnership expenses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is interest on drawings usually treated in partnership accounts?

A) No interest charged

B) Fixed percentage of drawings

C) Based on partnership agreement

D) As a lump sum

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "sacrificing ratio" mean in partnership adjustments?

A) Ratio partners sacrifice

B) Ratio for calculating partnership liabilities

C) Ratio of capital investments

D) Ratio of current assets to current liabilities

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is goodwill typically handled when a new partner joins a partnership?

A) Written off as expense

B) Credited to existing partners

C) Shared equally among all partners

D) Carried forward as an asset

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main consideration in revaluing assets and liabilities in a partnership adjustment?

A) Original cost of assets

B) Current market value

C) Total depreciation

D) Historical purchase price

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