Provide answer Question: 4The reciprocal method of consolidation_?a) Ignores intercompany transactionsb) Eliminates all intercompany transactionsc) Only eliminates certain transactionsd) Only applies to partnerships

Explanation of Reciprocal Method of Consolidation: The reciprocal method of consolidation is a…

Answered: Question: 4 The reciprocal method of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 7MC: Which one of the following would not be considered in the development of a partnership agreement? A....

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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 contributions
A partnership agreement should include A. Provision for division of assets on dissolution O B. Investment for each partner O c. Withdrawals to be allowed each partner D. All of these
S1: Forming a partnership requires two or more people agreeing partners Contributing all their personal properties. S2: Oral agreement partners are not allowed. * A. Statement 2 is true. B. Statement 1 is true. C. Both statements are false. D. Both statements are true. S1: A joint arrangement that is structured without a separate vehicle should be accounted as Joint Venture. S2: A joint arrangement that is structured without a separate vehicle should be accounted as Joint Operation? A. S2 True; S1 False B. Both statements are false C. s1 True; S2 False D. Both statements are true The interest of the retiring or withdrawing partner is usually measured by his capital balance before his retirement or withdrawal adjusted by the following adjustments except? A. profit or loss from the operation from the last closing date of the date of his retirement or withdrawal B. profit or loss after the date of the partner's withdrawal or retirement C. errors in net income in prior years D.…
Partnerships When two or more individuals come together to form a partnership, the assets that they bring with them into the partnership may be disproportionate. In this event, the assignment of capital may be based on the bonus method or the goodwill method. Please compare and contrast these methodologies in the formation of a partnership. Feel free to use examples.
A partnership agreement should include each of the following except Basis for sharing net income or loss names and capital contributions of partners. Chart of accounts for the partnership. rights and duties of partners. A Moving to another question will save this response. ch DELL
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Question 8 I. The transfer by a partner of his partnership interest does not make the assignee of such interest a partner of the firm, nor entitle the assignee to interfere in the management of the partnership business or to receive anything except the assignee's profits. II. Generally understood to mean an organization formed for some temporary purpose, a joint Venture is likened to a particular partnership. a. Only I is correct b. Only II is correct c. Both are true d. Both are false
Quèstion 1 A partnership agreement should include each of the following except rights and duties of partners. Chart of accounts for the partnership. Basis for sharing net income or loss names and capital contributions of partners.
If an existing partner withdraws from a partnership which is true a. his or her interest may be sold to the partnership or an individual partner. b. the consideration received for that partner's interest may suggest the existence of undervalued existing assets and/or goodwill. c. either the bonus or the goodwill method may be used to record the transaction if the partnership acquires the withdrawing partner's interest. d. all of the above
PB3. LO 15.5 Match each of the following descriptions with the appropriate term related to partnership accounting. A. Each and every partner can enter into contracts on behalf of the partnership i. liquidation B. The business ceases operations. ii. capital deficiency C. How partners share in income and loss iii. admission of a new partner D. Adding a new partner by contributing cash iv. mutual agency E. A partner account with a debit balance v. income sharing ratio

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Question: 4 The reciprocal method of consolidation_? a) Ignores intercompany transactions b) Eliminates all intercompany transactions c) Only eliminates certain transactions d) Only applies to partnerships