Q1: Which of the following accounts should be credited when a partner introduces

Question

Q1: Which of the following accounts should be credited when a partner introduces additional capital to a partnership business?

a) partners capital account

b) cash in bank account

c) asset account

d) liability account

Q2: If a partney withdraws cash from a business, which account should be debited?

a) cash in bank account

b) partner capital account

c) asset account

d) partners withdrawls account

Q3: if a partner brings capital in form of an asset, the value of the asset is taken at the:

a) purchased value

b) agreed value

c) market value

d) none of the above

Q4: when dividing profit amoun partners, which account should be debited?

a) asset account

b) liability account

c) income summary account

d) retained earning account

Q5: the statement of change in each partners capital account that may arise due to business operations, investment and withdrawls is called

a) the statement of changes in partners equity

b) the income statement

c) the trial balance

d) liquidation statement

Q6: which of the following accounts needs to be deducted in a statement of changes in a partner's equity?

a) beginning capital

b) investment

c) withdrawals

d) ending capital

Q7: after all non-cash assets have been sold and the partnership liabilities have been paid, the only accounts that remain in the ledger are:

a) cash in bank and the capital of each partner

b) liability and net income

c) liability and net loss

d) none of the above

Q8: when the sale of merchandise results in a loss to the partnership firm, which of the following accounts should be debited?

a) income account and capital account of each partner

b) cash in bank account and capital account of each partner

c) merchandise account and capital of each partner

d) merchandise account and cash account

Q9: business ethics direct businesspeople to abide by this, which enhances the publics confidence in their products and services

a) a code of conduct

b) an accounting rule

c) a business rule

d) management principles

Q10: who is responsible for creating business conduct programs, evaluating performance, and enforcing standards of conduct in a organization?

a) business manager

b) entrepreneur

c) ethics officer

d) accountant

Matching

1. integrity

2. objectivity

3. independence

4. competence

5. confidentiality

a. honest and free from conflict

b. choosing to do what is right as a matter of principle

c. possesing skills and experience

d. free from financial interest in the company being audited

e. protecting information from misuse

Explanation / Answer

Which of the following accounts should be credited when a partner introduces additional capital to a partnership business?

a) partners capital account

Q2: If a partney withdraws cash from a business, which account should be debited?

d) partners withdrawls account

Q3: if a partner brings capital in form of an asset, the value of the asset is taken at the:

c) market value

Q4: when dividing profit amoun partners, which account should be debited?

d) retained earning account

Q5: the statement of change in each partners capital account that may arise due to business operations, investment and withdrawls is called

a) the statement of changes in partners equity

Q6: which of the following accounts needs to be deducted in a statement of changes in a partner's equity?

c) withdrawals

Q7: after all non-cash assets have been sold and the partnership liabilities have been paid, the only accounts that remain in the ledger are:

a) cash in bank and the capital of each partner

Q8: when the sale of merchandise results in a loss to the partnership firm, which of the following accounts should be debited?

b) cash in bank account and capital account of each partner

Q9: business ethics direct businesspeople to abide by this, which enhances the publics confidence in their products and services

a) a code of conducT

Q10: who is responsible for creating business conduct programs, evaluating performance, and enforcing standards of conduct in a organization?

a) business manager

Matching

1. integrity--------b. choosing to do what is right as a matter of principle

2. objectivity--a. honest and free from conflict

3. independenced.----- free from financial interest in the company being audited

4. competence-------c. possesing skills and experience

5. confidentiality---e. protecting information from misuse

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.