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PROBLEM 2: MULTIPLE CHOICE -THEORY 1. It is the change in the relation of the partners caused by any partner ceasing to be associated in the carrying on of the business. a. dissolution c. incorporation b. liquidation d. break-up 2. The admission of a new partner effected through purchase of interest from (an) existing partner(s) is a. recorded in the partnership's books as a debit to cash or other asset and credit to the incoming partner's capital account. b. recorded in the partnership's books as a transfer within equity. c. recorded in the partnership's books as a transfer from equity to liability. d. not recorded in its entirety. 3. After the admission of a new partner, the total partnership capital increased by the fair value of the new partner's net contributions to the partnership. The admission was accounted for a. under the goodwill method. b. as partnership formation. c. as a purchase of interest. d. as an investment in the partnership