Reference no: EM132935408
Problem 1. Merchandise invested by an entity under a joint operation agreement should include an entry of
A. Credit to Joint Operation under the books of the party investing the merchandise
B. Debit to Joint Operation under the books of the Joint Operators other than the party who invested
C. Credit to merchandise Inventory of all the Joint Operators
D. Credit to merchandise inventory of the Joint Operator who contributed merchandise
Problem 2. S1: Joint Control is present if tow ore more parties have greater than 50% Control.S2: One Party has more than 50% in a joint arrangement.
A. S1 True; S2 False
B. Both statements are false
C. Both statements are true
D. S2 True; S1 False
Problem 3. The interest of the retiring or withdrawing partner is usually measured by his capital balance before his retirement or withdrawal adjusted by the following adjustments except
A. profit or loss from the operation from the last closing date of the date of his retirement or withdrawal
B. changes in the valuation of all assets and liabilities
C. errors in net income in prior years
D. profit or loss after the date of the partner's withdrawal or retirement
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