Which of the following would not be recorded in the entry for the formation of a partnership? Group of answer choices Accumulated depreciation Allowance for doubtful accounts Accounts receivable All of these would be recorded
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Which of the following would not be recorded in the entry for the formation of a
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- In accounting for a withdrawal by payment from partnership assets, which statement is FALSE? O The withdrawing partner may be paid using non-cash assets. O Net assets will decrease O Total capital will decrease. O Asset revaluations should bx recorded.Assess the truth of this statement: One of the rules of debits and credits and account balances for a partnership is that assets increase as debits. Group of answer choices This statement is true. This statement is false. There is not enough information to determine whether or not this statement is true. This statement is not applicable to accounting concepts.Assess the truth of this statement: For a partnership, when a transaction is first recorded (put in a journal) every transaction affects at least two accounts, one account(s) will be debited and the other account(s) will be credited. Group of answer choices This statement is true. This statement is false. There is not enough information to determine whether or not this statement is true. This statement is not applicable to accounting concepts.
- Which of the following procedures is not necessary in effecting a dissolution? Group of answer choices Revaluing partnership assets. Recognizing undistributed profit or loss share of the partners at dissolution date. Revising the partners’ equity. Closing the partnership books.no need to explain. What is a cash priority program? a. A guideline for the cash distributions made to partners during a liquidation b. A list of the rules to be performed during a partnership dissolution c. A list of the transactions that will transpire in the reorganization of a partnership d. None of the aboveWhich one of the following statement is correct on preparation of partnership final accounts? a. Net profit from income statement will be transferred to partners'capital account b. Accounting principles are different from sole proprietorship business c. Preparation of income statement is not same as sole proprietorship business d. Adjustments will have dual effects in the income statement and statement of financial position
- Just like Accounts Receivable being recorded at gross with the Allowance for Doubtful Accounts in the new set of partnership books, Depreciable assets are also recorded at gross with the Accumulated Depreciation in the new set of partnership books. O True O FalseWhich of the following procedures is not necessary in effecting a dissolution? Revising the partners’ equity. Recognizing undistributed profit or loss share of the partners at dissolution date. Revaluing partnership assets. Closing the partnership books.How are safe capital balances computed when preliminary distributions of cash are to be made in a partnership liquidation?
- Which of the following is NOT true about the statement of financial position of a partnership? O Allowance for doubtful accounts is a component of the partnership statement of financial position at formation. O Upon formation, the statement of financial position of a partnership shows asset values at agreed or fair market value. O The assets of the partnership must always be equal to its liabilities and partners' equity. O Accumulated depreciation of the partnership's depreciable assets is reflected in the statement of financial position of the partnership at formation.How is a predistribution plan created for a partnership liquidation?What is the purpose of a partnership appropriation account? A to avoid disagreements between the partners B to calculate residual profits for division between partners C to calculate the profit sharing ratio D to determine the amount of partners’ salaries