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Which of the following statements about a partnership is correct? * O A partnership is not required to file an information tax return. 0 Each partner's share of income is taxable to the partnership. The personal assets of a partner are 0 included in the partnership accounting records. A partnership represents an O accounting entity for financial reporting purposes. (D This is a required question The partner in a limited partnership that has unlimited liability is referred to as the * 0 general partner. 0 head partner. 0 unlimited partner. 0 lead partner. Preferred stockholders have a priority over common stockholders as to * 0 both dividends and assets in the event of liquidation. O assets in the event of liquidation only. 0 voting rights. n O dividends only. Which of the following relate to the capital share of a partner in a partnership? * O proportionate to a partner's capital contribution 0 all of these 0 the percentage of equity that a partner has on the net assets 0 may not be proportionate to capital contribution clue to bonus If a partner with a capital deficiency is unable to pay the amount owed to the partnership ,the deficiency is allocated to the partners with credit balances * 0 equally. O on the basis of their original investments. 0 on the basis of their income ratios. 0 on the basis of their capital balances. When common stock is issued for services or noncash assets. cost should be * either the fair market value of the consideration given up or the O consideration received, whichever is more clearly evident. 0 only the fair market value of the consideration received. 0 only the fair market value of the consideration given up. 0 the book value of the common stock issued. When common stock is issued for services or noncash assets. cost should be * either the fair market value of the consideration given up or the O consideration received, whichever is more clearly evident. 0 only the fair market value of the consideration received. 0 only the fair market value of the consideration given up. 0 the book value of the common stock issued. In the stockholders' equity section of the balance sheet. the classification of capital stock consists of * 0 common stock and preferred stock. 0 common stock and treasury stock. 0 additional paid-in capital and common stock. 0 common stock, preferred stock, and treasury stock. The basis for dividing partnership net income or net loss is referred to as any of the following except the * 0 income sharing ratio. 0 profit and loss ratio. 0 income ratio. 0 income and loss ratio. All of the following affect a partner's capital account except * 0 payment ofaliability 0 additional investment 0 withdrawal of the partner 0 partnership net income or loss Which of the following statements is correct? * Interest on partners' capital is an O expense of the partnership but not salaries to partners Salaries to partners and interest on O partners' capital are expenses of the partnership. Neither salaries to partners nor 0 interest on partners' capital are expenses of the partnership. \" Salaries to partners are expenses of O the partnership but not interest on A partnership * O is not an accounting entity for financial reporting purposes. must file an information tax return. has only one owner. OOO pays taxes on partnership income. A partnership * O has unlimited life. 0 dissolution means the business must liquidate. O is dissolved only by the withdrawal of a partner. 0 is dissolved upon the acceptance of a new partner. (9 This is a required question Capital stock to which the charter has assigned a value per share is called * par value stock. assigned value stock. stated value stock. 0000 no-par value stock. Additional paid-in capital includes all of the following except the amounts paid in * over par value. for the par value of common stock. from treasury stock. 0000 over stated value. In the financial statements. organization costs appears * O O O 0 immediately below Retained Earnings in the stockholders' equity section. as an intangible asset. in the income statement. as part of paid-in capital in the stockholders' equity section. The purchase of treasury stock * 0 OOO decreases common stock authorized. decreases common stock outstanding. decreases common stock issued. has no effect on common stock outstanding. The first step in the liquidation of a partnership is to * O allocate a gain or loss on realization to the partners. 0 pay partnership liabilities. O distribute remaining cash to the partners. 0 sell noncash assets and recognize a gain or loss on realization. The trial balance of Hackman Inc. includes the following balances: Common Stock.$39,000; Paidin Capital in Excess of Par, $96,000; Treasury Stock. $9,000; Preferred Stock. $30,000. Capital stock totals * When stock is issued for legal services, the transaction is recorded by debiting Organization Expense for the * market value of the stock. stated value of the stock. par value of the stock. 0000 book value of the stock. A corporation purchases 20,000 shares of its own $20 par common stock for $35 per share, recording it at cost. What will be the effect on total stockholders' equity? * O Decrease by $700,000 0 Increase by $400,000 0 Increase by $700,000 I O Decrease by $400,000 The balance sheet of a partnership will * 0 report retained earnings below the partnership capital accounts. 0 show a separate drawing account for each partner. 0 show the amount of income that was distributed to each partner. 0 show a separate capital account for each partner. When a partner withdraws cash or other assets, the drawing account is * O debited and credited Under the corporate form of business organization * stockholders' acts can bind the corporation even though the O stockholders have not been appointed as agents of the corporation. stockholders wishing to sell their 0 corporation shares must get the approval of other stockholders. O the corporation's life is stipulated in its charter. O a stockholder is personally liable for the debts of the corporation. If a partner has a capital deficiency and does not have the personal resources to eliminate it. * the other partners will have to O absorb the capital deficiency on the basis of their respective income sharing ratios. 0 the creditors will have to absorb the capital deficiency. neither the creditors nor the other 0 partners will have to absorb the capital deficiency. the other partners will absorb the 0 capital deficiency on the basis of their respective capital balances. \fWhich of the following best describes the attributes of a partnership? * 0 limited life of the business and unlimited liability of partners unlimited life of the business and unlimited liability of partners limited liability of partners limited life of the business and 0 unlimited life of the business and 0 limited liability of partners When the selling price of treasury stock is greater than its cost. the company credits the difference to * O Gain on Sale of Treasury Stock. 0 Paid-in Capital from Treasury Stock. 0 Treasury Stock. n O Paid-in Capital in Excess of Far Value. Which of the following are kinds of partnership according to liability of partners? * 0 industrial partnership 0 general copartnership O a and b only 0 limited partnership Additional paidin capital includes all of the following except * O paidin capital from treasury stock. 0 paidin capital in excess of par. 0 paidin capital in excess of book value. 0 paidin capital in excess of stated value. Which of the following represents the largest number of common shares? * 0 Outstanding shares 0 Issued shares 0 Authorized shares 0 Treasury shares :'ll'l 1:01 "a? 213-. Q 9 FAR(FinalExam)HRM O O dividends only. Which of the following relate to the capital share of a partner in a partnership? * O proportionate to a partner's capital contribution all of these partner has on the net assets may not be proportionate to capital 0 the percentage of equity that a 0 contribution due to bonus If a partner with a capital deficiency is unable to pay the amount owed to the partnership ,the deficiency is n allocated to the partners with credit balances * '3 Q E 0 El E C? '3