Financial accounting module 09 quiz

1. The ability of one partner to enter into a contract binding all other partners is termed:

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As a part of the initial investment, a partner contributes office equipment that had a cost of $20,000 and accumulated depreciation of $12,500. If the partners agree on a valuation of $9,000 for the equipment, what amount should be debited to the office equipment account? 


Lee and Stills are partners who share income in the ratio of 2:1 and who have capital balances of $65,000 and $35,000 respectively. If Mor, with the consent of Stills, acquired ½ of Lee’s interest for $40,000 for what amount would Mor’s capital account be credited?


Chip and Dale agree to form a partnership. Chip is to contribute $50,000 in assets and to devote ½ time to the partnership. Dale is to contribute $20,000 and to devote full time to the partnership. How will Chip and Dale split the net income/loss?


Henry and Thomas share gains and losses in the ratio of 2:1. After selling all assets for cash and paying all liabilities, the cash account has $12,000 in it. The capital accounts were as follows:

Henry $10,000; Thomas $2,000. How much of the $12,000 cash would Henry receive?


Which of the following is not true about a partnership?


On which financial statement is each partner’s capital account? 


The partner’s Capital account is what type of account and what is the Capital account’s normal balance?


Which of the following is not true for a corporation?


In a sole proprietorship the Drawing account is similar to what account in a corporation?


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