User Account

All Pages

Which is not a characteristic of partnerships

Assignment Help Financial Accounting
Reference no: EM133001027

Problem 1: Which of the following is not a characteristic of partnerships?

a. Mutual agency

b. Voluntary association

c. Limited life

d. Limited liability of partners

Problem 2: Which of these characteristics does not apply to a general professional partnership like law firms?

a. Mutual agency

b. Unlimited liability

c. Unlimited life

d. No separate income tax

Problem 3: At what value will cash contributions of a partner be recorded in the partnership books?

a. Future value of cash

b. Value of cash after taking into consideration the effects of inflation

c. Actual amount of cash

d. Present value of cash

Reference no: EM133001027

Questions Cloud

Interest and summarize all the issues : Interest and summarize all the issues - Relationship of Herzberg's Dual-Factor Theory Towards Job Satisfaction in Logistic Industry in Malaysia
Which partnerships was organized in compliance : Which partnerships was organized in compliance with all the legal requirements of the SEC? Who takes charge of the winding up of partnership affairs.
What is the proper valuation if partner contributes noncash : Emily contributed land subject to a mortgage and was assumed by the partnership. Emily's capital account on July 1 should increase by
Construct a range of substructures : Describe the different techniques used to construct a range of substructures and superstructures, including their function and design selection criteria
Which is not a characteristic of partnerships : Which of these characteristics does not apply to a general professional partnership like law firms? Which is not a characteristic of partnerships?
Which a large cash withdrawal by jacob is viewed : Which A large cash withdrawal by Jacob is viewed by the other partners as a permanent reduction of his equity is recorded with a debit to as?
Which the partner capital account will be credited for : The related mortgage payable of P 125,000 was assumed by the partnership. As a result of the investment, the partner's capital account will be credited for
What the partner capital account is credited : What is the entry to record the acceptance of an industrial partner to the partnership? What the partner's capital account is credited when there is a(an)
Discuss whether the industry exhibits constant returns : Discuss whether the industry exhibits Constant Returns to Scale (CRS) OR Decreasing Returns to Scale (DRS) OR Increasing Returns to Scale

Reviews

Write a Review

Financial Accounting Questions & Answers

  Implications of a financial accounting standards

Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.

  Find what is the equipments after-tax net salvage value

Find What is the equipment's after-tax net salvage value? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000.

  How much is the payment

The first payment is $300 and each successive payment will increase by a constant dollar amount x. How much is the constant amount x? How much is the 48th payment?

  Make amortization schedule using effective interest method

Calculate the issue price of the bond assuming a market interest rate of 13%. (Do not round intermediate calculations. Round the final answer)

  What should be the stock expected value today

If the required return is 8.6%, then, based on this information and security valuation concepts, what should be the stock's expected value (price) today?

  Direct materials cost-conversion cost per equivalent unit

During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 64,000 were in process in the production department at the beginnin..

  Partnership transactions

Partnership Transactions: Partner and Partnership Partnership EFGH is a calendar year, accrual basis partnership. Partner G is a calendar year, cash basis partner. Partnership EFGH rents property from Partner G. EFGH pays market rate rent of $4,000 p..

  Multiple choice question based on variance analysisarrow

multiple choice question based on variance analysis.arrow industries employs a standard cost system in which direct

  Illustrate what is the net present value of the film project

What is the net present value of the film project? To simplify, assume that all outlays to produce the film occur at time 0. Should the company produce the film?

  Assumption of periodicity

Referring to the Conceptual Framework for Financial Reporting, in one to three sentences explain if changes in accounting estimates and corrections of errors are consistent or inconsistent with the: Assumption of Periodicity. Qualitative Characterist..

  Post the journal entries into T-accounts

June 4 Purchased a 12-month insurance policy for $24,000. June 2 Purchased land with cash for (ID x 12). Post the journal entries into T-accounts

  How much was the cash outlay for the new equipment

Maz sold for $3,000 the old equipment that had an undepreciated cost of $2,500. Assuming a tax rate of 40-percent, how much was the cash outlay?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd