Take Home Exam: Chapters 1-11
ACC 11 005
PART I MULTIPLE CHOICE (28 points)
Instructions: Designate the best answer for each of the following questions.
1. Which of the following events cannot be quantified into dollars and
K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring
$50,000 of personal cash to the partnership. Rosen owns land worth $15,000 and a small
building worth $80,000, which she transfers to the partnership. Toso transfers to the
PFW Co. reports net income of $45,000. Partner salary allowances are Pitts $15,000,
Filbert $5,000, and Witten $5,000. Indicate the division of net income to each partner,
assuming the income ratio is 50:30:20, respectively.
Division of Net Incom
Extra Credit Assignment 5 points towards final grade.
For each of the items shown below, indicate whether the
account is permanent or closed at the end of the period, and
whether it is a contra account. Also indicate for permanent
accounts whether it belo