Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. version: b (10 marks) q1. multiple choice quest

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

90.2K

Verified Solution

Question

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
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students