A partnership is considered formed when:

Which of the following contributions is NOT allowed for a limited partner?

Which characteristic of partnership makes each partner liable for acts of co-partners?

Which statement about partnership registration with the SEC is correct?

Which of the following is a cause of partnership dissolution?

A partnership has a juridical personality that is:

Which partner is exempt from sharing in partnership losses among partners?

Which statement regarding unlimited liability is TRUE?

Which right may a partner dispose of without consent of other partners?

Which of the following is NOT an advantage of a partnership?

Which partnership involves contribution of all present properties of the partners?

A partnership where there is at least one general and one limited partner is called:

Which type of partner contributes services only?

Which partner is known to the public and actively participates in business?

A partner who is liable as a partner due to representation to third parties is called:

Which of the following statements is TRUE about partnership property?

Which account records permanent investment of a partner?

Partner’s loans to the partnership are classified as:

In liquidation, partner loans are paid:

Non-cash assets contributed to a partnership are recorded at:

Which standard defines fair market value in the module?

Increase in value of an asset BEFORE partnership formation belongs to:

Contribution of industry is recorded through:

Which approach is preferred in absence of agreement regarding capital equality?

Bonus approach results in:

Goodwill approach results in:

Which situation requires opening new partnership books?

When books of sole proprietorship are retained, adjustments are made through:

Which of the following best describes partnership accounting?

Ana contributes land with FMV ₱500,000 and cost ₱200,000. The land is recorded at:

Ben contributes equipment with FMV subject to liability assumed by partnership. Capital credit is:

Cash contributed ₱120,000; property FMV ₱180,000 with ₱30,000 liability. Capital credited equals:

Total cash invested by partners is ₱900,000. If equal capital is agreed among 3 partners, each capital is:

Partner A invests ₱400,000 cash; Partner B invests ₱600,000 cash. Equal capital agreed using bonus approach. Bonus to A is:

In No. 35, B’s capital after bonus is:

A contributed inventory FMV ₱120,000; B contributed cash ₱80,000. Equal capital via goodwill approach. Goodwill recognized is:

Industrial partner is admitted. Which account is credited?

Partnership assets ₱100,000; liabilities ₱160,000; 2 general partners. Each partner’s liability is initially:

If one partner is insolvent, unpaid share may be claimed from:

41. A partner advances ₱50,000 to partnership. Proper credit is:

In liquidation, order of payment is:

Sole proprietor net assets after adjustment = ₱800,000. New partner to get 25% interest. Cash investment required is:

Accounts receivable ₱100,000; allowance 10%. Net receivable contributed equals:

Equipment FMV ₱200,000 with accumulated depreciation ₱40,000. Recorded amount in new partnership books is:

Two sole proprietors form partnership. Adjustments affect:

Total agreed capital ₱1,200,000. Partner wants 30% interest. Required capital is:

Loss on sale of asset before formation is borne by:

A limited partner uses his surname in partnership name. His liability becomes:

Which approach increases total partnership assets?

Mutual agency means each partner can bind the partnership. Even without the consent of a co-partner, binding is still possible if within scope.

Partnership exists even if not yet registered. ________

Admission of a new partner dissolves the old partnership. Business may continue under a ________.

A partnership has a juridical personality separate from partners. It can own property, incur liabilities, and ________.

Industrial partners do not share in losses (among partners only). BUT they still have ________ to third parties.

Partners’ personal assets may be used to pay partnership debts. This is the meaning of ________.

Unlimited liability is a disadvantage, not an advantage.

Universal partnership of all present property means all property and profits are a common fund.

Limited partnership has at least one general and one limited partner.

Industrial partner contributes services only.

Ostensible partner is known to the public and active.

Quasi-partner (partner by estoppel) is liable due to representation, even if not a true partner.

Capital account records permanent investment.

Partner’s loan is a liability of the partnership.

Order in liquidation: Outside creditors → Partner loans → Capital

Non-cash assets are recorded at agreed or fair market value.

Fair market value is defined under PFRS 13.

Increase in value before formation belongs to contributing partner.

Industry contribution = memorandum entry only.

What are the net assets if the fair market value (FMV) is ₱300,000 and the liability is ₱80,000?

What is the total amount if you have ₱120,000 cash and (₱180,000 – ₱30,000)?

If ₱900,000 is to be divided among 3 partners, how much does each partner get?

Total capital is ₱1,000,000 divided by 2 partners = ₱500,000 each. If A has ₱400,000, how much bonus does A need?

If B gives ₱100,000 bonus, what is the resulting capital? (₱600,000 – ₱100,000)

If total implied capital is ₱240,000, actual investment is ₱200,000, what is the goodwill?

What is the answer if none of the options are correct?

What is the accounting entry for an industrial partner?

Calculate the deficiency per partner if the total deficiency is ₱160,000 and ₱100,000 has already been covered. Show your calculation.

Who may be required to pay if some partners are insolvent in a partnership?

Are partner loans considered the same as capital in partnership accounting? If not, what are they recorded as?

In what order are claims settled in a partnership liquidation?

Calculate the amount if ₱800,000 is to be divided by 75% and then multiplied by 25%. Show your calculation.

Calculate the allowance if ₱100,000 is given a 10% allowance. Show your calculation.

What value is recorded in the new partnership books when net book value is considered?