Exam (elaborations)
MNB1601 Assignment 3 Due 15 April 2024
- Course
- Institution
MNB1601 Assignment 3 Due 15 April 2024
[Show more]
1 review
By: foonoopmaker • 5 months ago
Seller
Follow
Wellfocus
Reviews received
Content preview
1. UNISA2. 2024
3. FAC2601-24-S1
4. Welcome Message
5. Assessment 2
QUIZ
Assessment 2
Open course index
Open block drawer
Back
Question 1
Answer saved
Marked out of 1.50
Which one of the following alternatives is false?
a. With a simultaneous liquidation, the liquidation account (a profit or loss on liquidation) is transferred to the partners'
capital accounts in their profit-sharing ratio.
b. A piecemeal liquidation allows a partnership to continue with activities.
c. In the case of a piecemeal liquidation, a liquidation account is prepared for each phase of the liquidation process.
d. A simultaneous liquidation allows a partnership to continue with activities until the liquidation of all the assets is
concluded.
e. A piecemeal liquidation will ensure that assets are realised at the best possible selling price.
f. With a simultaneous liquidation, a single liquidation account is prepared.
Clear my choice
Question 2
Answer saved
Marked out of 1.50
Which one of the following alternatives is correct regarding the revaluation surplus in a partnership when there is a change in
ownership?
a. The revaluation surplus forms part of the equity of the partners and will always be added to the current accounts of
the existing partners with a debit balance.
b. The revaluation surplus forms part of the equity of the partners and must allocated to the capital accounts of the
existing partners in their new profit-sharing ratio.
c. The revaluation surplus forms part of the equity of the partners and must allocated to the current accounts of the
existing partners in their existing profit-sharing ratio.
d. The revaluation surplus forms part of the liabilities of the partnership and must allocated to reduce the capital
accounts of the existing partners in their existing profit-sharing ratio.
e. The revaluation surplus forms part of the equity of the partners and must allocated to the current accounts of the
existing partners in their new profit-sharing ratio.
f. The revaluation surplus forms part of the equity of the partners and must allocated to the capital accounts of the
existing partners in their existing profit-sharing ratio.
Clear my choice
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Wellfocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78121 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now