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- Which one of the following would not be considered in the development of a partnership agreement? A. profit and loss levels B. processing disputes C. stock options D. asset contributionsWhich of the following items is generally reported separately on a partnership return? a.Factory rent expense b.Interest expense on business debts c.Ordinary income from the operations of the partnership business d.Net rental income e.Bonus depreciationFor a partnership, which of the following account is not a current asset? Group of answer choices Cash Merchandise Inventory Accounts Receivable Accounts Payable
- In accounting for a withdrawal by payment from partnership assets, which statement is FALSE? O The withdrawing partner may be paid using non-cash assets. O Net assets will decrease O Total capital will decrease. O Asset revaluations should bx recorded.What is the purpose of a partnership appropriation account? A to avoid disagreements between the partners B to calculate residual profits for division between partners C to calculate the profit sharing ratio D to determine the amount of partners’ salariesIs the contract of partnership binding even without the stipulation of how to divide profit and losses?
- Mar From a partner's viewpoint, which of the following will have an unfavourable effect PF on the closing balance of the current account of a partner? Opening debit balance in the current account i) Interest on drawings i) Salaries iv) Drawings O A. I), ii), i) and iv) O B. i), ii) and iv) OC. i) and iv) only O D. i), ii) and iv)What is the legal provision of Profit sharing ratio if nothing is given in ‘Partnership Deed”?1. What is KW Partnership’s ordinary business income (loss)? 2. Which of the following items are separately stated?
