2. It is the change in the relation of the partners caused by any partner ceasing to be associated in the carrying on as distinguished from the winding up of the business of the partnership.

3. It is the winding up of its business activities characterized by sale of all non-cash assets, settlement of all liabilities and distribution of remaining cash to the partners.

4. A type of share where it gives its owners certain advantages which relate to the receipt of dividends when declared or priority claims on assets in the event of corporate liquidation.

5. A corporation that is related to another corporation that it has the power to either directly or indirectly elect the majority of the directors of subsidiary corporation.

6. A corporation existing in fact but not in law.

7. A corporation with a class of equity securities listed on an exchange or with assets in excess of P50,000,000 and having 200 or more holders, at least 200 of which are holding at least 100 shares of a class of its equity securities.

8. A corporation established for public charity.

9. It is a corporation which consists of only one member or corporator and his successors such as bishop.

11. A corporation established for religious purposes.

12. A corporation formed or organized for the government of portion of the state (e.g., provinces, cities, municipalities and barangays).

13. A corporation which has capital stock divided into shares and are authorized to distribute to the holders of such shares, dividends, or allotments of the surplus profits on the basis of the shares held.

14. This share represents the basic ownership class of the corporation.

15. It is the sum of the capital balances of old partners and actual investment of new partner.

16. It is the equity of a partner in the new partnership and is obtained by multiplying the total agreed capital by the applicable percentage interest of the partner.

17. This is when a new partner is admitted into a partnership by investing cash or other assets into the partnership and not given to the individual partners.

18. It means conversion of non-cash assets into cash. Any gain or loss will be credited or debited to partner's capital accounts - using profit or loss ratio.

19. a partner's interest is sold to another partner or an outsider, the withdrawing partner is paid purchase of Interest from Existing Partner/s Investment of Assets in a Partnership

20. under this method of partnership liquidation, all non-cash assets are realized, and the related gains or losses distributed, and all liabilities are paid before a single final cash distribution is made to the partners.

21. Which of the following results in the dissolution of a partnership?

22. The admission of a new partner under the bonus method will result in:

23. Which of the following best characterizes the bonus method of recording a new partner's investment in a partnership?

24. Total partners' equity will not change when a withdrawing partner:

25. If a partner is insolvent, his personal properties shall first be distributed:

26. Gains and losses on the sale of non-cash assets in liquidation are divided equally among partners.

27. Partnership outside creditors will be prioritized next to the inside creditors as to partnership assets in case of liquidation.

28. When cash is insufficient to fully satisfy the cash requirements in a particular priority, then the available cash will be distributed using the profit and loss ratio.

29. The right of offset is the legal right of a partner to apply all of his loan account balance against a capital deficiency resulting from losses in the realization of the partnership assets.

30. The cash settlement of all liabilities is referred to as realization.

31. A partnership may be dissolved without being liquidated but liquidation is always preceded by

33. A new partner cannot be admitted into a partnership without the consent of all the partners.

34. The admission of a partner does not change the composition of partner's equity if the new partner purchases the old partner's interest by paying the old partner directly.

35. Partnership dissolution is synonymous with partnership liquidation.