A partnership with a capital less than 3000 is void if it is unregistered with
SEC – F 2. Adjustments prior to formation may be omitted since these will not affect the partner’s capital. – F 3. The basis of valuation of noncash investment should be at vales agreed upon by the partners – T
1. An advantage of partnership form of business organization is that each
partner’s potential loss is limited to the partner’s investment in the partnership- F 2. When beginning capital balances are used in allocating profits, year-end investments are discouraged 3. The provision for interest on partner’s capital will not be honored because the operations resulted to a loss even if the agreement provided for such interest- F
1. When cash is insufficient to full satisfy cash requirements - T
2. A partner’s interest can be obtained by simply adding the partner’s capital account, loans -F 3. The entry to record the exercise of offset will debit – F
1. A cash distribution plan is prepared each time cash is distributed to
partners in installment liq -F 2. The first step in preparing the cash distribution plan is to determine the loss absorption – T 1. In a partnership liquidation partner’s capital contributions and undistributed partnership income are viewed as distinct in the Uniform Partnership Act -F 2. In a partnership liquidation a partner’s creditor can have a claim against individual partner assets and partnership assets- F
1. The lost absorption power computed when preparing a cash dist -F
2. Although cash priority program and safe payment schedule- F
1. A loan from a partner is added to the partner’s capital account balance in
the preparation of cash dist- T 2. On a statement of realization and liquidation prepared as part of partnership liquidation, the difference – T
1. In partnership liquidation, salary allocations are disregarded – F
2. Allocation of gains and losses during partnership liquidation must consider- F
1. Article 1773 of the Civil Code o- T
2. PFRS 2 Share-based payment states that noncash item- T
1. The designation of losses and profits cannot be entrusted to one of the
partners according to Article 1799 -F 2. While a stipulation that which excludes one or more partners from any share Article 1798- F
1. The tax authorities basically view partnerships and proprietorship as
extension of their owners- F 2. Proprietary theory can be demonstrated by unlimited liability of general partners extend beyond the entity- F
1. Partners are also employees, if they are active in the business of
partnership – T 2. Interest on partnership capital is mandatory in dividing profits and loss – F
a. Article 1767 of the partnership law states the definition of partnership- T
b. Article 1797 of the Phil Law on partnership provide that in the absence of stipulation, the share of each partner- T c. Article 1767 of the partnership law of the Phil delineate the specific provision – F d. Insanity of a partner -T e. Termination of time accomplishment of purpose may be – T f. Insolvency of any partner of the partnership-T g. A partnership may be constituted in any form of immovable property – F h. If the partnership agreement provides for interest -T i. When profit or loss sharing agreement provides for salary- F j. The dissolution of the partnership discharges the existing liability of any partner – F k. If a partner withdraws by selling his equity interest to the partnership in exchange for an amount greater than the balance- F l. The entry to record the exercise of offset will debit to partner’s loan – F m. The cash settlement of all liabilities is called realization- F (liq) n. When cash is insufficient to fully satisfy the cash requirements- T o. In partnership liquidation, the final cash settlement to the partners should be made- T p. In accounting for partnership liquidation, cash payments to partners after all creditor’s claim have been satisfied – F q. The first step in preparing a cash priority program is to determine – F r. A partner with the highest vulnerability ranking – F s. A partner with the lowest vulnerability ranking- F t. A partner’s maximum loss absorbable is calculated- F u. A schedule prepared each time cash is to be distributed is called an advance cash distribution- F v. A schedule of safe payments is prepared each time a partnership asset in sold- F w. The allocation of the resulting gains and losses are not recorded by an accountant- F x. Partnership can more easily generate significant amount of capital- T y. A partnership limited liability is not a characteristic- T z. Under the entity theory- T aa.One of the advantages of the partnership form- bb. If A total capital of a partnership before the admission of anew partner- T cc. Transferrable interest of a partner – F dd. Under the bonus method, when a new partner is admitted- F ee. When the goodwill method is used - T
Business Judgement Rule Dikaitkan Dengan Tindak Pidana Korupsi Yang Dilakukan Oleh Direksi Badan Usaha Milik Negara Terhadap Keputusan Bisnis Yang Diambil