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MULTIPLE CHOICE
1. The word derived from two Greek words meaning “a cutting up” is:
a. physiology
b. homeostasis
c. anatomy
d. dissection
ANS: C DIF: Memorization REF: Page: 3
TOP: Introduction
Mosby items and derived items © 2008 by Mosby, Inc., an affiliate of Elsevier Inc.
6. The relationship between the knee and the ankle can be described as:
a. the knee is inferior to the ankle
b. the knee is distal to the ankle
c. the knee is proximal to the ankle
d. both A and B above
ANS: C DIF: Application REF: Page: 9
TOP: Anatomical directions
7. The relationship between the heart and the lungs can be described as:
a. the heart is distal to the lungs
b. the heart is medial to the lungs
c. the heart is lateral to the lungs
d. both A and C above
ANS: B DIF: Application REF: Page: 7 & 9
TOP: Anatomical directions
9. Because humans walk in an upright position, the two terms that can be used interchangeably
are:
a. posterior and ventral
b. posterior and inferior
c. posterior and superficial
d. posterior and dorsal
ANS: D DIF: Memorization REF: Page: 7
Mosby items and derived items © 2008 by Mosby, Inc., an affiliate of Elsevier Inc.
Test Bank 1-3
11. The relationship between the skin and the muscles can be described as:
a. the skin is superficial to the muscle
b. the muscle is superficial to the skin
c. the muscle is deep to the skin
d. both A and C above
ANS: D DIF: Memorization REF: Page: 9
TOP: Anatomical directions
12. A cut dividing the body into anterior and posterior portions is called a:
a. sagittal section
b. frontal section
c. transverse section
d. none of the above
ANS: B DIF: Memorization REF: Page: 9
TOP: Planes or body sections
13. A cut dividing the body into upper and lower portions is called a:
a. sagittal section
b. frontal section
c. transverse section
d. coronal section
ANS: C DIF: Memorization REF: Page: 9
TOP: Planes or body sections
14. A cut dividing the body into right and left portions is called a:
a. sagittal section
b. frontal section
c. transverse section
d. coronal section
ANS: A DIF: Memorization REF: Page: 9
TOP: Planes or body sections
Mosby items and derived items © 2008 by Mosby, Inc., an affiliate of Elsevier Inc.
Another random document
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Cash $ 1,000.00 Notes Payable $ 3,000.00
Accounts Receivable 10,000.00 Accounts Payable 5,000.00
Merchandise 6,000.00 Mortgage on Bldg 4,000.00
Building and Equipment 16,000.00 A, Capital 10,500.00
B, Capital 10,500.00
$33,000.00 $33,000.00
B S A, B C
The firm has thus secured $6,000 additional capital, on a basis somewhat unfavorable
for the present, but inasmuch as the books now show conservative values, no real injustice
results.
Third Case.—The third case shows the firm in a position to demand something more
than book values as the basis for admission of the new partner. The presumption is that the
old firm is favorably known, has an established trade and patronage, built by fair dealing
and judicious advertising, by its favorable location, and the numerous other ways in which a
substantial business may be developed. Its standing in the community is a factor of value to
the firm because it brings trade to its doors. Other conditions being equal, a firm which
enjoys a good reputation is worth more than a new venture. Such a reputation is known as
“good-will” and constitutes an exceedingly valuable though an intangible asset. The essence
of good-will is the ability to produce more than normal profits, i.e., profits above the
average in that line. Consequently, whenever the members of a firm consider the admission
of a new partner, good-will is regarded as one of the assets of the existing enterprise,
thereby increasing its net worth.
The valuation of good-will, however, is a difficult matter and it is a well-established
principle that good accounting will not allow the asset good-will to be set up on the books
of a concern unless it has come into possession of it by purchase or unless a part of its own
good-will is sold to a new partner. In this case the price received for the portion sold
represents an outsider’s valuation and may therefore become the basis for valuing the whole
of it.
The following case will serve as an illustration:
P . Assume that X has a one-half interest in a firm, and Y and
Z a one-fourth interest each, the balance sheet showing the following
summarized facts:
B S X, Y Z
B S A B
B S C D
B S A B
Smith and Jones each have a ⅖ share and Green a ⅕ share in profits and
losses.
The above balance sheet shows the financial condition of the firm after
taking into consideration the losses incident to liquidation. From this it is
seen that Jones owes the business $9,000. Assume that he is personally
insolvent and cannot contribute the share due from him. The net assets
available for distribution consist of $16,000 in cash. Inasmuch as Jones’
interest is entirely wiped out and a contribution is due from him which he
cannot pay, the amount of that contribution is an additional loss to be borne
by the two remaining partners. Their respective shares in this loss are
determined by their original profit and loss ratios ⅖ and ⅕, so that as
between themselves Smith must bear ⅔ of the loss or $6,000, and Green ⅓
or $3,000; after which Smith’s capital and share in the net assets is $9,000,
and Green’s $7,000.
Where a partner, in his private capacity, and the firm of which he is a
member are both bankrupt, his personal creditors have first claim on his
personal estate and the firm’s creditors on the assets of the firm.
Distribution by Instalments.—Where the liquidation is of long
duration, the partners may desire to receive what is due them by instalments
rather than wait to receive their respective shares in one amount. Where the
capital ratio differs from the profit and loss ratio, it is difficult to determine
the proper ratio in which the instalments should be paid, due to the fact that
expenses and losses have not yet been determined. Consequently it is
impossible to tell what the ultimate ratios will be in which the partners are
to share the net assets. As the payment of instalments on an arbitrary basis
might result ultimately in an overpayment of some partners and an
underpayment of others, the only safe method of handling the situation is to
pay the first instalments to those partners whose capital ratios are in excess
of their profit and loss ratios until their capitals are reduced to the point
where the capital ratios of all the partners are the same as their profit and
loss ratios. As soon as this point is reached, the proceeds of the assets may
be distributed to the partners on the basis of their profit and loss ratios,
because these are now identical with their capital ratios. A more complete
treatment of this problem will be found on pages 650 to 654 of the author’s
second volume.
Treatment of Good-Will upon Liquidation by Sale.—When
dissolution is brought about by the sale of the entire business, it may
happen that the amount realized on the assets is smaller than their book
value, and the difference must be treated as a loss in accordance with the
principles previously stated. Similarly, where the assets are sold and the
price realized is larger than their book value, the excess constitutes a profit
and must be distributed among the partners in profit and loss ratio. Usually
such an excess is treated as a receipt on account of good-will, and two
standard methods of booking it are employed. When good-will is mentioned
in the sale contract and its value has been determined, it is brought on the
books as an asset and transferred immediately to the partners’ accounts.