Please help with this Accounting type Question: If immediate payment is not made to apartner taking leave from the firm then the due amount is transferred to A. Current account BLoan account C. Reserve account D. None of the above

Partnership -A partnership is a type of corporate structure in which two or more individuals…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A capitalist partner is not allowed to enter into a new partnership if it is a competing business. What fiduciary duty is applied? Duty of diligence Duty of obedience Duty to inform Duty of loyalty
OFF-BALANCE-SHEET BUSINESS Explain how bills of endorsement work. Are they classified as Off-Balance-Sheet (OBS) assets or OBS liabilities for the providing bank and why?
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a. What accounts are debited and credited to record a partner's cash withdrawal in lieu of salary?
E22-11 UrLink Company is a newly formed company specializing in high-speed Internet Prepare and discuss a service for home and business. The owner, Lenny Kirkland, had divided the company into responsibility report. two segments: Home Internet Service and Business Internet Service. Each segment is run by its own supervisor, while basic selling and administrative services are shared by both segments. Lenny has asked you to help him create a performance reporting system that will allow him to measure each segment's performance in terms of its profitability. To that end, the following information has been collected on the Home Internet Service segment for the first quarter of 2017. (LO 2, 3), AP 04 22 Budgetary Control and Responsibility Accounting Budget $25,000 Actual Service revenue Allocated portion of: Building depreciation Advertising Billing Property taxes Material and supplies Supervisory salaries Insurance Wages Gas and oil $26,200 11,000 5,000 3,500 1,200 1,600 9,000 4,000 3,000…
Assess the truth of this statement: One of the rules of debits and credits and account balances for a partnership is that increases in expense accounts are always debited to the expense account. This statement is true. O This statement is false. O There is not enough information to determine whether or not this statement is true. O This statement is not applicable to accounting concepts.
Which one of the following is an indirect cost of bankruptcy? The fees that creditors need to pay to their lawyers to help them recover their credit Court fees Administrative delays that creditors experience in recovering their money Workers spending their time searching for alternative employment opportunities
Question 16 This principle requires measurement of transaction on the basis of cost price or equal to cash price A. Full disclosure B. Exchange price principle C. Matching principle D. Revenue recognition principle Question 19 The rights of the partner over the net assets of the business is called A. Parter's drawing B. Partners equity C. Partners capital D. None of the above
You have been appointed as a financial consultant to Non profit organization club to assist them in restructuring their finance. Explain to the executives the types of accounts they are to prepare at the end of the period and if it is different from the partnership Accounts
Potential partners might not want to form a partnership because of the risk of having their personal property forfeited in favor of the business's creditors. O True O False
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
A Ooredoo l. A sct.edu.om P Flag question Which of the following adjustments are NOT to be done at the time of retirement of a partner? a. Preparation of Executors account in case of death of a partner b. Accounting treatment of goodwill to be made c. Reserves and profits to be adjusted d. New profit sharing ratio of remaining partners. The correct answer is: Reserves and profits to be adjusted II

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Please help with this Accounting type Question: If immediate payment is not made to a partner taking leave from the firm then the due amount is transferred to A. Current account B . Loan account C. Reserve account D. None of the above