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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:...
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- Fall '10
- Accounting, Ratio, Corporation, partner, Limited liability partnership, National secondary road, Regional road