Chapter 12 quiz

Chapter 12 quiz - Review Assessment Quiz#1 Chapter 12...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Review Assessment: Quiz #1 - Chapter 12 Questio n 1 2 out of 2 points Which of the following is not an advantage of a partnership? Selected Answer: Questio n 2 2 out of 2 points Haley and Zeff share income and losses in the ratio of 2:3 according to their partnership agreement. Prior to admitting Brown, $90,000 of inventory is revalued to a current market value of $75,000. What is the impact of the revaluation on Zeff's capital account? Selected Answer: Questio n 3 2 out of 2 points If there is a loss on the sale of noncash assets when a partnership goes out of business, the loss should be divided among the partners: Selected Answer: Questio n 4 2 out of 2 points Changes in partner capital accounts for a period of time are reported in the: Selected Answer: Questio n 5 2 out of 2 points If a partnership agreement is silent on dividing net income or net losses, the partners divide income/losses: Selected Answer: Questio n 6 2 out of 2 points When a new partner is admitted to a partnership by a contribution of assets to the partnership:...
View Full Document

{[ snackBarMessage ]}

Page1 / 3

Chapter 12 quiz - Review Assessment Quiz#1 Chapter 12...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online