Please provide True / False responses to the following statements: i. In Ghana, a company cannot be formed by one (1) person (True / False) The law regulating the operations of partnerships in Ghana is the Incorporated Private Partnership Act 1962 (Act 179) (True / False) The maximum number of partners in a partnership business is twenty (20) (True / False) To become a partner in a partnership business, one needs to subscribe to shares of the partnership (True / False) Working Capital is a term meaning the excess of the current assets over the current liabilities (True / False) Given opening accounts receivables of GHS11,500, sales of GHS48,000 and receipts from debtors of GHS45,000, the closing debtors should total GHS14,500 (True / False) Any loss on revaluation is debited to old partners in old profit and loss sharing ratio (True / False) Goodwill is an example of an intangible non-current asset (True / False) Purchased goodwill is the same as internally generated goodwill (True / False) Cash equivalents are long term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value (True / False) ii. iii. iv. V. vi. vii. vii. ix. X.

Please provide True / False responses to the following statements: i. In Ghana, a company cannot be formed by one (1) person (True / False) The law regulating the operations of partnerships in Ghana is the Incorporated Private Partnership Act 1962 (Act 179) (True / False) The maximum number of partners in a partnership business is twenty (20) (True / False) To become a partner in a partnership business, one needs to subscribe to shares of the partnership (True / False) Working Capital is a term meaning the excess of the current assets over the current liabilities (True / False) Given opening accounts receivables of GHS11,500, sales of GHS48,000 and receipts from debtors of GHS45,000, the closing debtors should total GHS14,500 (True / False) Any loss on revaluation is debited to old partners in old profit and loss sharing ratio (True / False) Goodwill is an example of an intangible non-current asset (True / False) Purchased goodwill is the same as internally generated goodwill (True / False) Cash equivalents are long term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value (True / False) ii. iii. iv. V. vi. vii. vii. ix. X.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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