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Beginning Accounting ACC206 Quiz

Beginning Accounting ACC206 Quiz - Beginning Accounting II...

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Beginning Accounting II Ashford University ACC206  1. Question : Which of the following is TRUE of the net business profit of the partnership?                2. Question : Which of the following is a disadvantage of partnerships?              
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 3. Question : Allen invests $20,000 cash and Anne invests land that originally cost $20,000 in their new Partnerships. The land is now  worth $35,000. Which of the following is the balance in Anne's capital account?                4. Question : After a partner decides to withdraw from a partnership, which of the following occurs when the withdrawing partner receives  more cash than the amount in his or her capital account?              
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 5. Question : Rachel, Ashley, and Jacob are partners. They share profits and losses equally. After the books are closed, their capital  balances are $90,000, $120,000, and $70,000, respectively. Jacob has decided to leave the firm. Which of the following 
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