Our Lady of Fatima University Quezon City Campus: ST ST
Our Lady of Fatima University Quezon City Campus: ST ST
Our Lady of Fatima University Quezon City Campus: ST ST
1. 1st statement: A general partner is not 6. 1st statement: Cash contributions of partners
bound by the obligation of the partnership. are recorded at Fair value
2nd statement: Two or more persons may 2nd statement: Non-cash assets contributed
form a partnership for the exercise of to the partnership can be recorded at Fair
profession. Value.
a. Both are true a. Both are true
b. Both are false b. Both are false
c. 1st is true, 2nd is false c. 1st is true, 2nd is false
d. 1st is false, 2nd is true d. 1st is false, 2nd is true
2. 1st statement: A partnership begins from the 7. 1st statement: Skills contributed by an
time the partnership contract is registered industrial partner should be recorded by
with SEC. debiting an asset and crediting his capital.
2nd statement: A partnership has a juridical 2nd statement: An agreement stating that
personality separate and distinct from that one partner will not share in the profit is
of the partners. valid.
a. Both are true a. Both are true
b. Both are false b. Both are false
c. 1st is true, 2nd is false c. 1st is true, 2nd is false
d. 1st is false, 2nd is true d. 1st is false, 2nd is true
3. 1st statement: Partnership may exist for an 8. 1st statement: Five persons can for a
indefinite period time. partnership.
2nd statement: Partnership is created by 2nd statement: A partnership may be
voluntary agreement of the partners. dissolved at any time by any of the partners.
a. Both are true a. Both are true
b. Both are false b. Both are false
c. 1st is true, 2nd is false c. 1st is true, 2nd is false
d. 1st is false, 2nd is true d. 1st is false, 2nd is true
4. 1st statement: Partnership is formed to make 9. 1st statement: Liability of a partner assumed
profit. by the partnership is recorded by debiting
2nd statement: Partners can contribute only the liability and crediting his capital.
money or property to a common fund of a 2nd statement: Liability of a partner not
partnership assumed by the partnership is recorded by
a. Both are true crediting the liability and debiting his capital.
b. Both are false a. Both are true
c. 1st is true, 2nd is false b. Both are false
d. 1st is false, 2nd is true c. 1st is true, 2nd is false
5. 1st statement: The number of personalities d. 1st is false, 2nd is true
in a partnership is equal to the number of 10. 1st statement: if a partner received a bonus
partners. in the distribution of the partnership income,
2nd statement: all partners are liable up to he is entitled to receive that bonus in cash.
their personal properties. 2nd statement: The purpose, nature, and
a. Both are true other provision of the partnership are stated
b. Both are false in a public instrument called Articles of
c. 1st is true, 2nd is false Incorporation.
d. 1st is false, 2nd is true a. Both are true
b. Both are false
PREPARED BY:
Faculty/CBA
Program Head-Accountancy