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VERSION: B (10 marks) Q1. Multiple Choice Questions: How are withdrawals...

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Accounting

VERSION: B
(10 marks)
Q1. Multiple Choice Questions:
How are withdrawals by partners treated in the partnership accounting records?
a) As an expense
b) As a reduction in the partner's capital account
c) As additional capital
d) As income
Which of the following is a contingent liability?
a) Accounts Payable
b) Accrued Expenses
c) Warranty Liability
d) Prepaid Expenses
How are short-term notes payable different from accounts payable?
a) Short-term notes payable are interest-free.
b) Accounts payable are usually paid in installments.
c) Short-term notes payable involve written agreements.
d) Accounts payable have a longer maturity period.
In a limited partnership, who is typically responsible for the management of the business?
a) General partners
b) Limited partners
c) Both general and limited partners
d) Corporate partners
How are partnership profits and losses allocated in the absence of a specific agreement?
a) Equally among partners
b) Based on the partnership's years in operation
c) Proportionate to each partner's capital balance
d) According to the partner who invested the most capital
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