Test 1

23 Questions  I  By Deltzx301 on May 11, 2011

  

Question Excerpt

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1.  23.  What is the preferred method of resolving a partner's deficit balance, according to the Uniform Partnership Act
A.
B.
C.
D.
E.
2.  The advantagesof the partnership form of business organization, compared to corporations, include 
A.
B.
C.
D.
E.
3.  Cherryhill and Hace had been partners for several years, and they decided to admit Quincy to the partnership.  The accountant for the partnership believed that the dissolved partnership and the newly formed partnership were two separate entities.  What method would the accountant have used for recording the admission of Quincy to the partnership? 
A.
B.
C.
D.
E.
4.  29. Which item is not shown on the schedule of partnership liquidation?
A.
B.
C.
D.
E.
5.  28. Which statement below is false? 
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B.
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D.
E.
6.  25.  Which of the following is the proper ranking order of property distributions stipulated by the Uniform Partnership Act
A.
B.
C.
D.
E.
7.  27. The marshaling of assets doctrine regulates claims against an individual's assets.  The following lists groups interested in potential cash distributions. (1.) those owed to the creditors of the partnership (2.) those owed to separate creditors (3.) those owed to partners by way of contribution    When a partner is bankrupt, which order do claims against their property rank?
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B.
C.
D.
E.
8.  36. Withdrawals from the partnership accounts are typically not used  
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B.
C.
D.
9.  22.  Which of the following statements is false concerning the Schedule of Liquidation
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B.
C.
D.
E.
10.  When the hybrid method is used to record the withdrawal of a partner, the partnership 
A.
B.
C.
D.
E.
11.  The disadvantages of the partnership form of business organization, compared to corporations, include 
A.
B.
C.
D.
E.
12.  advantagesof the partnership form of business organization, compared to corporations, include 
A.
B.
C.
D.
E.
13.  20.  Which of the following will not result in the dissolution of a partnership? 1)  Partners are incompatible and choose to cease operations. 2)  Partners realize that the profit figures have failed to reach projected levels. 3)  Retirement of a partner. 4)  Death of a partner. 
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B.
C.
D.
E.
14.  26. Which statement below is correct?
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B.
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D.
E.
15.  Which of the following type of organization is classified as a partnership, or similar to a partnership, for tax purposes? (I.) Limited Liability Company (II.) Limited Liability Partnership (III.) Subchapter S Corporation 
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B.
C.
D.
E.
16.  24.  Which of the following statements is true concerning the distribution of safe payments? 
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B.
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D.
E.
17.  35.  Which of the following statements is correct regarding the admission of a new partner? 
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B.
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D.
E.
18.  Partnerships have alternative legal forms including all of the following except
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D.
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19.  1.  What is a marshaling of assets
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20.  The partnership of Clapton, Seidel, and Thomas was insolvent and will be unable to pay $30,000 in liabilities currently due.  What recourse was available to the partnership's creditors? 
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B.
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D.
E.
21.  Which of the following is not a characteristic of a partnership? 
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B.
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D.
E.
22.  21.  What accounting transactions are not recorded by an accountant during liquidation? 
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B.
C.
D.
23.  30. Under the marshaling of assets doctrine, personal creditors can claim a partner’s share of partnership assets under which condition?
A.
B.
C.
D.
E.
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