Podcast
Questions and Answers
Which of the following is NOT an objective of Module 1: Accounting for Formation of a Partnership?
Which of the following is NOT an objective of Module 1: Accounting for Formation of a Partnership?
- Defining a partnership and discussing its characteristics
- Solving case problems peculiar to partnership formation (correct)
- Preparing journal entries to record partners’ initial contribution
- Discussing legal provisions relevant to a partnership organization
What is the primary focus of Lesson 2: Organizing a Partnership?
What is the primary focus of Lesson 2: Organizing a Partnership?
- Discussing legal provisions relevant to a partnership organization (correct)
- Discussing the different kinds of partnership and the classes of partners
- Defining the concept of partnership and its characteristics
- Preparing financial statements for a partnership
Which reference book is NOT mentioned in the provided text?
Which reference book is NOT mentioned in the provided text?
- Millan, Zeus Vernon B. – Basics of Accounting: Bandolin Enterprises Publishing and Printing, Baguio City, Philippines (correct)
- Dayag, Antonio J. – Advanced Accounting Volume 1: Pixeplate Publishing and Printing, Manila, Philippines
- Vera Cruz-Manuel, Zenaida – Partnership and Corporation Accounting: Raintree Trading & Publishing, Inc., Quezon City, Philippines
- Baysa and Lupisan – Accounting for Partnership and Corporation: Millennium Books Inc., Mandaluyong City, Philippines
What is the main focus of Lesson 3: Kinds of Partnership and Classes of Partners?
What is the main focus of Lesson 3: Kinds of Partnership and Classes of Partners?
Which topic is covered in Lesson 4: Opening the Books of a Partnership?
Which topic is covered in Lesson 4: Opening the Books of a Partnership?
What is the main focus of Lesson 2: Organizing a Partnership?
What is the main focus of Lesson 2: Organizing a Partnership?
Which reference book is mentioned in the module text?
Which reference book is mentioned in the module text?
Which of the following is NOT an objective of Module 1: Accounting for Formation of a Partnership?
Which of the following is NOT an objective of Module 1: Accounting for Formation of a Partnership?
What topic is covered in Lesson 4: Opening the Books of a Partnership?
What topic is covered in Lesson 4: Opening the Books of a Partnership?
What is the primary focus of Lesson 3: Kinds of Partnership and Classes of Partners?
What is the primary focus of Lesson 3: Kinds of Partnership and Classes of Partners?
What are the three important activities in accounting as per the given text?
What are the three important activities in accounting as per the given text?
Which type of event involves a 'one way' transaction with an external party?
Which type of event involves a 'one way' transaction with an external party?
What is the process of transforming economic data into useful accounting information?
What is the process of transforming economic data into useful accounting information?
Which type of event involves changes in the economic resources or obligations caused by an external party but does not involve transfers of resources or obligations?
Which type of event involves changes in the economic resources or obligations caused by an external party but does not involve transfers of resources or obligations?
What is the focus of internal events as per the given text?
What is the focus of internal events as per the given text?
Which activity in accounting involves assigning numbers, normally in monetary terms, to economic transactions and events?
Which activity in accounting involves assigning numbers, normally in monetary terms, to economic transactions and events?
Which valuation basis is commonly used in accounting?
Which valuation basis is commonly used in accounting?
When are items measured said to be valued by Opinion?
When are items measured said to be valued by Opinion?
What is the basic purpose of accounting?
What is the basic purpose of accounting?
What concept states that an entity is assumed to carry on its operations for an indefinite period of time?
What concept states that an entity is assumed to carry on its operations for an indefinite period of time?
According to the Full Disclosure Principle, financial statements should provide sufficient detail to disclose matters that:
According to the Full Disclosure Principle, financial statements should provide sufficient detail to disclose matters that:
Which concept ensures that changes in purchasing power are ignored in financial statements?
Which concept ensures that changes in purchasing power are ignored in financial statements?
What basis of accounting recognizes the effects of transactions when they occur, not as cash is received or paid?
What basis of accounting recognizes the effects of transactions when they occur, not as cash is received or paid?
Which accounting information is designed to meet the specific needs of particular statement users?
Which accounting information is designed to meet the specific needs of particular statement users?
What concept states that all components of a complete set of financial statements are interrelated?
What concept states that all components of a complete set of financial statements are interrelated?
What concept states that each accountable event is recorded in two parts - Debit and Credit?
What concept states that each accountable event is recorded in two parts - Debit and Credit?
