Partnership Formation Accounting
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Questions and Answers

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?

  • 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?

  • 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?

    <p>Discussing the different kinds of partnership and the classes of partners</p> Signup and view all the answers

    Which topic is covered in Lesson 4: Opening the Books of a Partnership?

    <p>Preparing journal entries to record partners’ initial contribution</p> Signup and view all the answers

    What is the main focus of Lesson 2: Organizing a Partnership?

    <p>Discussing legal provisions relevant to a partnership organization</p> Signup and view all the answers

    Which reference book is mentioned in the module text?

    <p>Partnership and Corporation Accounting: Raintree Trading &amp; Publishing, Inc.</p> Signup and view all the answers

    Which of the following is NOT an objective of Module 1: Accounting for Formation of a Partnership?

    <p>Analyzing financial statements of a partnership organization</p> Signup and view all the answers

    What topic is covered in Lesson 4: Opening the Books of a Partnership?

    <p>Organizing a Partnership</p> Signup and view all the answers

    What is the primary focus of Lesson 3: Kinds of Partnership and Classes of Partners?

    <p>Analyzing the different kinds of partnership and the classes of partners</p> Signup and view all the answers

    What are the three important activities in accounting as per the given text?

    <p>Identifying, measuring, communicating</p> Signup and view all the answers

    Which type of event involves a 'one way' transaction with an external party?

    <p>Non-reciprocal transfer</p> Signup and view all the answers

    What is the process of transforming economic data into useful accounting information?

    <p>Communicating</p> Signup and view all the answers

    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?

    <p>External event other than transfer</p> Signup and view all the answers

    What is the focus of internal events as per the given text?

    <p>Transforming resources into finished goods</p> Signup and view all the answers

    Which activity in accounting involves assigning numbers, normally in monetary terms, to economic transactions and events?

    <p>Measuring</p> Signup and view all the answers

    Which valuation basis is commonly used in accounting?

    <p>Historical Cost</p> Signup and view all the answers

    When are items measured said to be valued by Opinion?

    <p>When measurement is affected by estimates</p> Signup and view all the answers

    What is the basic purpose of accounting?

    <p>To provide information about economic activities for decision-making</p> Signup and view all the answers

    What concept states that an entity is assumed to carry on its operations for an indefinite period of time?

    <p>Going Concern concept</p> Signup and view all the answers

    According to the Full Disclosure Principle, financial statements should provide sufficient detail to disclose matters that:

    <p>Make a significant difference to users</p> Signup and view all the answers

    Which concept ensures that changes in purchasing power are ignored in financial statements?

    <p>Stable Monetary Unit concept</p> Signup and view all the answers

    What basis of accounting recognizes the effects of transactions when they occur, not as cash is received or paid?

    <p>Accrual Basis of Accounting</p> Signup and view all the answers

    Which accounting information is designed to meet the specific needs of particular statement users?

    <p>Special purpose accounting information</p> Signup and view all the answers

    What concept states that all components of a complete set of financial statements are interrelated?

    <p>Concept of Articulation</p> Signup and view all the answers

    What concept states that each accountable event is recorded in two parts - Debit and Credit?

    <p>Double-Entry System concept</p> Signup and view all the answers

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