Advanced Accounting - Chapter 23
Flashcard
•
Specialty
•
10th - 12th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
One advantage of a partnership is
Back
ease of formation
2.
FLASHCARD QUESTION
Front
When a partner invests in office equipment, the entry includes a
Back
debit to Office Equipment.
3.
FLASHCARD QUESTION
Front
When a partner withdraws supplies from the partnership, the entry includes a:
Back
a debit to the partner’s drawing account.
4.
FLASHCARD QUESTION
Front
How are partnership earnings divided? Options: equally, according to how long the partner has been in the business., according to the age of each partner, according to the partnership agreement.
Back
according to the partnership agreement.
5.
FLASHCARD QUESTION
Front
The last step in liquidating a partnership is
Back
distributing remaining cash to the partners.
6.
FLASHCARD QUESTION
Front
A partner’s drawing account
Back
has a normal debit balance
7.
FLASHCARD QUESTION
Front
A disadvantage of a partnership over other forms of business ownership is
Back
being liable for your partner’s actions.
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