Acct 425 Unit 3

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  • 1/32 Questions

    When the hybrid method is used to record the withdrawal of a partner, the partnership 

    • Revalues assets and liabilities and records goodwill to the continuing partner but not to the withdrawing partner.
    • Revalues liabilities but not assets, and no goodwill is recorded.
    • Can recognize goodwill but does not revalue assets and liabilities.
    • Revalues assets but not liabilities, and records goodwill to the continuing partner but not to the withdrawing partner.
    • Revalues assets and liabilities but does not record goodwill.
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About This Quiz

ACCT 425 Unit 3 explores partnership accounting, contrasting it with corporate structures, detailing partnership formation, operation, and dissolution. Key topics include asset revaluation, taxation advantages, and legal aspects of partnerships, providing essential knowledge for managing and understanding partnership accounts.

Acct 425 Unit 3 - Quiz

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  • 2. 

    The advantages of the partnership form of business organization, compared to corporations, include 

    • Single taxation

    • Ease of raising capital.

    • Mutual agency.

    • Limited liability.

    • Difficulty of formation

    Correct Answer
    A. Single taxation
    Explanation
    The partnership form of business organization has the advantage of single taxation compared to corporations. This means that the partnership itself does not pay taxes on its profits, instead, the profits are passed through to the partners who report them on their individual tax returns. This avoids the double taxation that corporations face, where the corporation is taxed on its profits and then the shareholders are taxed on the dividends they receive. Single taxation can be beneficial for partnerships as it can result in lower overall tax liabilities for the partners.

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  • 3. 

    Which of the following is not a reason for the popularity of partnerships as a legal form for businesses?

    • Partnerships may be formed merely by an oral agreement

    • Partnerships can more easily generate significant amounts of capital

    • Partnerships avoid the double taxation of income that is found in corporations

    • In some cases, losses may be used to offset gains for tax purposes

    Correct Answer
    A. Partnerships can more easily generate significant amounts of capital
    Explanation
    Partnerships can more easily generate significant amounts of capital. This statement is not a reason for the popularity of partnerships as a legal form for businesses. While partnerships can generate capital, it is not necessarily easier for them to do so compared to other legal forms of businesses. Other options, such as the ability to form partnerships through oral agreements, the avoidance of double taxation, and the ability to offset losses with gains for tax purposes, are all valid reasons for the popularity of partnerships.

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  • 4. 

    . How does partnership accounting differ from corporate accounting?

    • The matching principle is not considered appropriate for partnership accounting

    • Revenues are recognized at a different time by a partnership than is appropriate for a corporation

    • Individual capital accounts replace the contributed capital and retained earnings balances found in corporate accounting

    • Partnerships report all assets at fair value as of the latest balance sheet date

    Correct Answer
    A. Individual capital accounts replace the contributed capital and retained earnings balances found in corporate accounting
    Explanation
    Partnership accounting differs from corporate accounting because individual capital accounts replace the contributed capital and retained earnings balances found in corporate accounting. In partnerships, each partner has their own capital account which tracks their contributions to the business and their share of the profits or losses. This is different from corporate accounting where there is a contributed capital account for shareholders and a retained earnings account for accumulated profits.

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  • 5. 

    Which of the following best describes the articles of partnership agreement?

    • The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles partnership

    • The articles of partnership are a legal covenant and must be expressed in writing to be valid

    • The articles of partnership are an agreement that limits partners’ liability to partnership assets

    • The articles of partnership are a legal covenant that may be expressed orally or in writing and forms the central governance for a partnership’s operations

    Correct Answer
    A. The articles of partnership are a legal covenant that may be expressed orally or in writing and forms the central governance for a partnership’s operations
    Explanation
    The correct answer explains that the articles of partnership are a legal covenant that can be expressed either orally or in writing. It also states that these articles form the central governance for a partnership's operations. This means that the articles of partnership outline the rights and responsibilities of partners and establish the purpose of the partnership. Additionally, the answer does not include the phrase "The correct answer is" in the explanation.

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  • 6. 

    When a partnership is insolvent and a partner has a deficit capital balance, that partner is legally  required to: 

    • Declare personal bankruptcy.

    • Initiate legal proceedings against the partnership.

    • Contribute cash to the partnership.

    • Deliver a note payable to the partnership with specific payment terms.

    • None of the above. The partner has no legal responsibility to cover the capital deficit balance.

    Correct Answer
    A. Contribute cash to the partnership.
    Explanation
    When a partnership is insolvent and a partner has a deficit capital balance, that partner is legally required to contribute cash to the partnership. This means that the partner must use their personal funds to cover the deficit and help the partnership meet its financial obligations. This is because partners in a partnership have joint and several liability, meaning they are personally responsible for the debts and obligations of the partnership. Therefore, when the partnership is unable to pay its debts, the partners must contribute their own funds to help satisfy those debts.

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  • 7. 

    Throughout a partnership liquidation, both creditors and partners need continuous accounting information that enables them to monitor and assess their financial risks. In generating these data for a partnership, the accountant must record which of the following?

    • The conversion of partnership assets into cash.

    • The allocation of the resulting gains and losses.

    • The allocation of the resulting gains and losses.

    • Any remaining unpaid debts to be settled or the distribution of any remaining assets to the partners based on capital balances

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    In a partnership liquidation, the accountant must record all of the above mentioned transactions. This includes the conversion of partnership assets into cash, the allocation of resulting gains and losses, and any remaining unpaid debts to be settled or the distribution of remaining assets to the partners based on capital balances. This information is crucial for both creditors and partners to monitor and assess their financial risks during the liquidation process.

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  • 8. 

    What is the preferred method of resolving a partner's deficit balance, according to the  Uniform Partnership Act? 

    • Partners never have a deficit balance.

    • The other partners must contribute personal assets to cover the deficit balance.

    • The partnership must sell assets in order to cover the deficit balance.

    • The partner with a deficit balance must contribute personal assets to cover the deficit balance.

    • The partner with a deficit balance contributes personal assets only if those personal assets exceed personal liabilities.

    Correct Answer
    A. The partner with a deficit balance must contribute personal assets to cover the deficit balance.
    Explanation
    According to the Uniform Partnership Act, the preferred method of resolving a partner's deficit balance is for the partner with the deficit balance to contribute personal assets to cover it. This means that the partner who has a negative balance in their capital account is responsible for bringing it back to zero by using their own personal assets. This method ensures that the partner takes responsibility for their deficit and contributes their own resources to rectify the situation.

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  • 9. 

    Which one of the following statements is correct? 

    • . If a partner of a liquidating partnership is unable to pay a capital account deficit, the deficit is absorbed by the other partners in the profit and loss ratio of those partners.

    • Gains and losses from the sale of noncash assets are divided in the ratio of the partners' capital account balances if there is no income-sharing plan in the partnership contract.

    • A loan receivable from a partner is added to the partner's capital account balance in the preparation of a cash distribution plan.

    • Partners may not receive any cash before partnership creditors receive cash when liquidating a partnership.

    • E. All cash payments to partners are made using their profit and loss ratio when liquidating the partnership.

    Correct Answer
    A. . If a partner of a liquidating partnership is unable to pay a capital account deficit, the deficit is absorbed by the other partners in the profit and loss ratio of those partners.
    Explanation
    When a partner in a liquidating partnership is unable to pay a capital account deficit, the other partners will absorb the deficit. This means that the remaining partners will take on the responsibility of covering the deficit in proportion to their profit and loss ratios. In other words, the partners who have higher profit and loss ratios will bear a larger share of the deficit. This ensures that the financial burden is distributed among the partners based on their respective ownership interests in the partnership.

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  • 10. 

    Which item is not shown on the schedule of partnership liquidation? 

    • Current cash balances.

    • Property owned by the partnership.

    • Liabilities still to be paid.

    • Personal assets of the partners.

    • Current capital balances of the partners.

    Correct Answer
    A. Personal assets of the partners.
    Explanation
    The schedule of partnership liquidation is a document that outlines the distribution of assets and settlement of liabilities during the winding up of a partnership. It typically includes current cash balances, property owned by the partnership, liabilities still to be paid, and current capital balances of the partners. However, personal assets of the partners are not included in this schedule as they are separate from the partnership's assets and are not used to settle the partnership's obligations.

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  • 11. 

    If a partnership is liquidated, how is the final allocation of business assets made to the partners?  

    • Equally

    • According to the profits and loss ratio

    • According to the final capital account balances

    • According to the initial investment made by each of the partners

    Correct Answer
    A. According to the final capital account balances
    Explanation
    The final allocation of business assets to the partners is made according to the final capital account balances. This means that each partner will receive a portion of the assets based on their respective capital contributions and any changes in their capital accounts throughout the partnership. This method ensures that the distribution is fair and reflects the partners' ownership interests in the business.

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  • 12. 

    What is a predistribution plan?

    • A guideline for the cash distributions to partners during a liquidation

    • A list of the procedures to be performed during a liquidation

    • A determination of the final cash distribution to the partners on the settlement date

    • A detailed list of the transactions that will transpire in the reorganization of a partnership

    Correct Answer
    A. A guideline for the cash distributions to partners during a liquidation
    Explanation
    A predistribution plan refers to a guideline that outlines the process and criteria for distributing cash to partners during a liquidation. It provides a framework for determining how the available funds will be allocated among the partners based on their respective interests and contributions to the partnership. This plan ensures transparency and fairness in the distribution process and helps to avoid any potential disputes or conflicts among the partners.

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  • 13. 

    Which standard issued by the Governmental Accounting Standards Board in 1999 requires two distinct sets of financial statements for state and local governments? 

    • GASB Statement No. 32.

    • GASB Statement No. 33.

    • GASB Statement No. 34.

    • GASB Statement No. 35.

    • GASB Statement No. 36.

    Correct Answer
    A. GASB Statement No. 34.
    Explanation
    GASB Statement No. 34 requires two distinct sets of financial statements for state and local governments. This statement was issued by the Governmental Accounting Standards Board in 1999.

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  • 14. 

    Proprietary funds are 

    • Funds used to account for the activities of a government that are carried out primarily to provide services to citizens.

    • Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations

    • Funds used to account for monies held by the government in a trustee capacity.

    • Funds used to account for all financial resources except those required to be accounted for in another fund

    • Funds used to account for revenues that have been legally restricted as to expenditure.

    Correct Answer
    A. Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations
    Explanation
    Proprietary funds are used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations. This means that these funds are used to track the financial activities of government entities that function in a business-like manner, generating revenue and incurring expenses, similar to private businesses. These funds are separate from other types of funds that may be used to account for different types of government activities, such as funds held in a trustee capacity or funds restricted for specific purposes.

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  • 15. 

    Fiduciary funds are 

    • Funds used to account for the activities of a government that are carried out primarily to provide services to citizens

    • Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations.

    • Funds used to account for monies held by the government in a trustee capacity.

    • Funds used to account for all financial resources except those required to be accounted for in another fund.

    • Funds used to account for revenues that have been legally restricted as to expenditure.

    Correct Answer
    A. Funds used to account for monies held by the government in a trustee capacity.
    Explanation
    Fiduciary funds are used to account for monies held by the government in a trustee capacity. This means that the government holds and manages these funds on behalf of another party, with a legal obligation to use the funds solely for the benefit of that party. The government acts as a trustee and has a fiduciary duty to responsibly manage and distribute these funds in accordance with the terms and conditions set by the party for whom the funds are held.

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  • 16. 

    Governmental funds are 

    • Funds used to account for the activities of a government that are carried out primarily to provide services to citizens.

    • Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations

    • Funds used to account for monies held by the government in a trustee capacity.

    • . Funds used to account for all financial resources except those required to be accounted for in another fund.

    • Funds used to account for revenues that have been legally restricted as to expenditure.

    Correct Answer
    A. Funds used to account for the activities of a government that are carried out primarily to provide services to citizens.
    Explanation
    Governmental funds are funds used to account for the activities of a government that are carried out primarily to provide services to citizens. This means that these funds are specifically designated for the purpose of providing services to the public, such as education, healthcare, infrastructure development, and public safety. These funds are separate from funds used for ongoing organizations and activities that are similar to those operated by for-profit organizations, funds held in a trustee capacity, funds used for all financial resources except those required to be accounted for in another fund, and funds used for revenues that have been legally restricted as to expenditure.

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  • 17. 

    What are the broad types or classifications of funds for a governmental entity such as a city? 

    • General, governmental, and trust funds.

    • Governmental, proprietary, and fiduciary funds

    • Revenue, trust, and governmental funds.

    • Enterprise, revenue, and fiduciary funds.

    • Governmental, agency, and enterprise funds.

    Correct Answer
    A. Governmental, proprietary, and fiduciary funds
    Explanation
    Governmental, proprietary, and fiduciary funds are the broad types or classifications of funds for a governmental entity such as a city. Governmental funds are used to account for general government activities and are funded by taxes and other government revenues. Proprietary funds are used to account for business-like activities that charge fees for services, such as water or electric utilities. Fiduciary funds are used to account for assets held by the government in a trustee capacity, such as pension funds or trust funds for specific purposes.

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  • 18. 

    Under modified accrual accounting, revenues should be recognized when they are 

    • Collected.

    • Realizable.

    • Reasonably estimable

    • Measurable and available.

    • Earned.

    Correct Answer
    A. Measurable and available.
    Explanation
    Under modified accrual accounting, revenues should be recognized when they are measurable and available. This means that the amount of revenue can be reasonably determined and that it is collectible or will become collectible within a reasonable period of time. This ensures that revenues are only recognized when they are likely to be received and can be accurately measured.

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  • 19. 

    Which of the following funds is most likely created with an endowed gift? 

    • Enterprise Fund.

    • Internal Service Fund.

    • Debt Service Fund.

    • Capital Projects Fund.

    • Permanent Fund.

    Correct Answer
    A. Permanent Fund.
    Explanation
    A permanent fund is most likely created with an endowed gift because it is designed to provide a lasting source of income or support for a specific purpose. Endowed gifts are typically made with the intention of preserving the principal amount and using only the investment income generated by the fund. This aligns with the purpose of a permanent fund, which is to ensure the long-term sustainability of the designated cause or organization. The other funds mentioned in the options are not typically associated with endowed gifts.

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  • 20. 

     Which of the following is not a governmental fund?

    • Special Revenue Fund

    • Internal Service Fund

    • Capital Projects Fund

    • Debt Service Fund

    Correct Answer
    A. Internal Service Fund
    Explanation
    An Internal Service Fund is not a governmental fund because it is used to account for activities that provide goods or services to other departments or agencies within the same government. It operates more like a business, charging fees for its services and generating revenue. In contrast, governmental funds are used to account for activities that provide services directly to the public, such as general government services, public safety, or education.

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  • 21. 

    What is the purpose of a Special Revenue Fund  

    • To account for revenues legally or externally restricted as an operating expenditure

    • To account for asset transfers

    • To account for ongoing activities

    • To account for operations financed in whole or in part by outside user charges

    Correct Answer
    A. To account for operations financed in whole or in part by outside user charges
    Explanation
    The purpose of a Special Revenue Fund is to account for operations that are financed by outside user charges. This means that the fund is specifically designated to track and manage revenues that come from charges or fees paid by external users for specific services or activities. The fund ensures that these revenues are properly accounted for and used to support the operations that they are intended for.

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  • 22. 

    A government expects to receive revenues of $400,000 but has approved expenditures of $430,000. The anticipated shortage will have an impact on which of the following terms?

    • Interperiod equity

    • Modified accrual accounting

    • Consumption accounting

    • Account groups

    Correct Answer
    A. Interperiod equity
    Explanation
    Interperiod equity refers to the concept of fairness and balance in government financial reporting over multiple periods. In this scenario, the government expects to receive less revenue than its approved expenditures, resulting in a shortage. This imbalance violates the principle of interperiod equity as it indicates a lack of fairness in distributing resources across different time periods. Therefore, the anticipated shortage will have an impact on interperiod equity.

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  • 23. 

    A citizen of the City of Townsend gives it a gift of $22,000 in investments. The citizen requires that the investments be held but any resulting income must be used to help maintain the city’s cemetery. In which fund should this asset be reported?

    • Special Revenue Funds

    • Capital Projects Funds

    • Permanent Funds

    • General Fund

    Correct Answer
    A. Permanent Funds
    Explanation
    The asset should be reported in the Permanent Funds. Permanent funds are used to account for resources that are legally restricted to the extent that only earnings, and not the principal, may be used for the purposes specified by the donor. In this case, the citizen has specified that the income from the investments should be used to help maintain the city's cemetery, indicating a legal restriction on the use of the principal amount. Therefore, it is appropriate to report the asset in the Permanent Funds.

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  • 24. 

    At the end of the current year, a government reports a fund balance-assigned of $9,000 in connection with an encumbrance. What information is being conveyed?

    • A donor has given the government $9,000 that must be used in a specified fashion

    • The government has made $9,000 in commitments in one year that will be honored in the subsequent year

    • Encumbrances exceeded expenditures by $9,000 during the current year

    • The government spent $9,000 less than was appropriated

    Correct Answer
    A. The government has made $9,000 in commitments in one year that will be honored in the subsequent year
    Explanation
    The correct answer suggests that the government has made commitments of $9,000 during the current year, which will be honored in the subsequent year. This means that the government has allocated or set aside funds for specific purposes, but these funds have not yet been spent. The money will be utilized in the following year according to the commitments made.

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  • 25. 

    Which of the following is true about management’s discussion and analysis (MD&A)?

    • It is an optional addition to the comprehensive annual financial report, but the GASB encourages its inclusion

    • It adds a verbal explanation for the numbers and trends presented in the financial statements

    • It appears at the very end of a government’s comprehensive annual financial report

    • It replaces a portion of the fund financial statements traditionally presented by a state or local government

    Correct Answer
    A. It adds a verbal explanation for the numbers and trends presented in the financial statements
    Explanation
    MD&A, or management's discussion and analysis, is an optional addition to the comprehensive annual financial report. Although it is not mandatory, the GASB encourages its inclusion. This section provides a verbal explanation for the numbers and trends presented in the financial statements. It helps readers understand the financial performance and position of the government entity by providing insights and analysis from management's perspective. The MD&A section typically appears at the very beginning of a government's comprehensive annual financial report, allowing readers to gain a contextual understanding before delving into the financial statements.

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  • 26. 

    Which of the following is not necessary for a special purpose local government to be viewed as a primary government for reporting purposes?

    • It must have a separately elected governing body

    • It must have specifically defined geographic boundaries

    • It must be fiscally independent

    • It must have corporate powers to prove that it is legally independent

    Correct Answer
    A. It must have specifically defined geographic boundaries
    Explanation
    A special purpose local government can still be viewed as a primary government for reporting purposes even if it does not have specifically defined geographic boundaries. This is because the other three criteria mentioned (separately elected governing body, fiscal independence, and corporate powers) are sufficient to establish its status as a primary government. Geographic boundaries are important for identifying the jurisdiction and scope of a government, but they are not the sole determining factor in determining its classification as a primary government.

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  • 27. 

    Which of the following is true about the statement of cash flows for the proprietary funds of a state or local government?

    • The indirect method of reporting cash flows from operating activities is allowed although the direct method is recommended

    • The structure of the statement is virtually identical to that of a for-profit business

    • The statement is divided into four separate sections of cash flows

    • Amounts spent on capital assets are reported in a separate section from amounts raised to finance those capital assets.

    Correct Answer
    A. The statement is divided into four separate sections of cash flows
    Explanation
    The correct answer is that the statement is divided into four separate sections of cash flows. This means that the cash flows from operating activities, investing activities, financing activities, and noncash transactions are all presented separately in the statement of cash flows for the proprietary funds of a state or local government. This allows for a clear and organized presentation of the cash flows for each category, making it easier for users of the financial statements to analyze and understand the cash flow activities of the government entity.

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  • 28. 

    Which of the following is most likely to be true about the financial reporting of a public college or university?

    • It resembles the financial reporting of private colleges and universities

    • It will continue to use its own unique style of financial reporting

    • It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government

    • It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create

    Correct Answer
    A. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government
    Explanation
    Public colleges and universities are typically considered governmental entities and are subject to reporting requirements set by the Governmental Accounting Standards Board (GASB). These reporting requirements are similar to those for state or local governments. Within the fund financial statements of a government, proprietary funds are used to report activities that are similar to those of a business. Therefore, it is most likely that the financial reporting of a public college or university resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government.

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  • 29. 

    GASB No. 34 makes which of the following statements regarding Management's Discussion and Analysis? 

    • MD&A is required only for Proprietary Fund Financial Statements.

    • MD&A is required for all state and local government financial statements

    • MD&A is only required for comprehensive annual financial reports.

    • MD&A for state and local government financial statements must include an analysis of potential, untapped revenue sources.

    • MD&A is an optional inclusion for state and local government financial statements.

    Correct Answer
    A. MD&A is required for all state and local government financial statements
    Explanation
    GASB No. 34 requires Management's Discussion and Analysis (MD&A) for all state and local government financial statements. This means that MD&A is mandatory and must be included in the financial statements of all state and local governments. The other options are incorrect because they either state that MD&A is only required for specific types of financial statements or that it is optional.

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  • 30. 

    Which one of the following is a criterion for identifying a primary government? 

    • It has an appointed board of directors.

    • It is fiscally dependent.

    • It is a local government

    • It has a separately elected governing body.

    • It must prepare financial statements

    Correct Answer
    A. It has a separately elected governing body.
    Explanation
    A primary government can be identified by the presence of a separately elected governing body. This means that the individuals who make decisions and govern the primary government are elected by the people or the constituents they serve. This criterion distinguishes a primary government from other types of organizations or entities that may have appointed boards of directors or are fiscally dependent. The presence of a separately elected governing body ensures that the primary government is accountable to the public and operates in a democratic manner.

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  • 31. 

    A local government's basic financial statements would include a statement of cash flows for all 

    • Proprietary fund types.

    • Governmental fund types.

    • Fund types.

    • Fiduciary fund types.

    • A statement of cash flows is not required for any fund types

    Correct Answer
    A. Proprietary fund types.
    Explanation
    The basic financial statements of a local government would include a statement of cash flows for proprietary fund types. Proprietary funds are used to account for activities that are similar to those typically found in the private sector, such as utilities or public transportation services. These funds are operated like businesses and generate revenue through user fees and charges. Therefore, it is important to include a statement of cash flows for proprietary funds to provide information about the cash inflows and outflows related to these business-like activities.

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  • 32. 

    Which of the following must be presented in the MD&A of a government? 

    • A brief discussion of the basic financial statements

    • Total assets.

    • Total liabilities.

    • Net assets.

    • An organization chart of government officials.

    Correct Answer
    A. A brief discussion of the basic financial statements
    Explanation
    In the MD&A (Management's Discussion and Analysis) of a government, a brief discussion of the basic financial statements must be presented. This is important because it provides an overview and analysis of the government's financial performance and position, helping stakeholders understand the financial health and results of operations. It allows for transparency and accountability in the government's financial reporting, ensuring that the information is accessible and comprehensible to the users of the financial statements.

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  • Current Version
  • Feb 15, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • May 20, 2013
    Quiz Created by
    Mstewart21

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