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Home
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Partnerships
Partnerships MCQs
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The legal characteristic of a partnership whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within ...
unlimited liability
partnership accounting
a partnership contract
mutual agency
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Which of the following is not true regarding a partnership?
A partnership is a voluntary association.
Partnerships pay income taxes.
Partnerships have limited life.
Partners in general partnerships have unlimited liability.
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Which is NOT a condition of a limited partnership?
Limited partners are expected to have an active role in management.
A limited partner’s liability will be limited to his/her investment.
One partner of the limited partnership must be a general partner.
Limited partnerships will have more than one class of partner.
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The partnership agreement provided for a salary allowance of $6,000 per month to partner X, and the balance to be divided equally between partners X a...
$12,000 increase
$60,000 increase
$54,000 decrease
$12,000 decrease
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A and B are partners who share profits and losses on a 2:1 basis, respectively, after a salary allowance of $12,000 is allocated to partner B. Earning...
$7,000
$9,000
$18,000
$19,500
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C and D are partners who share profits and losses on a 3:1 basis, respectively, after a salary allowance of $15,000 is allocated to partner C. Earning...
$15,000
$20,000
$42,000
$32,000
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In the partnership of Maxwell and Slade, Maxwell’s capital balance is $40,000 and Slade’s capital balance is $60,000. Maxwell sold 50% o...
a debit to Cash for $24,000
a debit to Cash for $20,000
a debit to Maxwell, Capital for $24,000
a debit to Maxwell, Capital for $20,000
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Norton invested $30,000 in the partnership of Maxwell and Slade. The capital balance of Maxwell and Slade were $30,000 and $60,000, respectively. Nort...
a debit to cash for $30,000
a credit to Norton’s capital account for $30,000
a credit to Slade’s capital account for $7,500
a credit to Slade’s capital account for $37,500
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Norton invested $20,000 in the partnership of Maxwell and Slade. The capital balance of Maxwell and Slade were $40,000 and $60,000, respectively. Inco...
a credit to cash for $20,000
a credit to Maxwell’s capital account for $4,000
a credit to Slade’s capital account for $6,000
a credit to Norton’s capital account for $30,000
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Norton invested $40,000 in the partnership of Maxwell and Slade. The capital balance of Maxwell and Slade were $40,000 and $60,000, respectively. Inco...
a debit to cash for $40,000
a credit to Maxwell’s capital account for $2,000
a credit to Slade’s capital account for $3,000
a credit to Norton’s capital account for $30,000
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Norton was paid $25,000 from the partnership cash account for his withdrawal from the partnership of Maxwell, Slade, and Norton. Their capital balance...
a credit to cash for $25,000
a debit to Maxwell’s capital account for $2,000
a credit to Slade’s capital account for $6,000
a debit to Norton’s capital account for $35,000
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Norton was paid $40,000 from the partnership cash account for his withdrawal from the partnership of Maxwell, Slade, and Norton. Their capital balance...
a debit to cash for $40,000
a debit to Maxwell’s capital account for $5,000
a debit to Slade’s capital account for $5,000
a debit to Norton’s capital account for $35,000
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Given the following information: Cash 20,000 Other Assets $81,000 Liabilities $20,000 Maxwell Capital $30,000 Slade Capital $40,000 Norton Capital $11...
The loss on liquidation was $21,000.
Maxwell’s share of the ending cash balance was $23,000
Slade’s share of the ending cash balance was $33,000
Norton’s share of the ending cash balance was $7,000
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Capital Balances Cash Other Assets = Liabilities Maxwell Slade Norton $10,000 $71,000 . . $20,000 $30,000 $26,000 $5,000 The other assets were sol...
The loss on liquidation was $21,000.
The cash balance before final distribution was $40,000
Maxwell’s share of the ending cash balance was $22,000
Slade’s share of the ending cash balance was $19,000
