Please provide right answer to this accounting mcq☑ Question: 4.2The reciprocal method of consolidation _? a) Ignores intercompanytransactions b) Eliminates all intercompany transactions c) Only eliminatescertain transactions d) Only applies to partnerships

Concept of Reciprocal Method:The reciprocal method is a consolidation approach used to eliminate all…

Answered: Question: 4.2 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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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.…
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
h7
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
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
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
1. Which of the following statement is correct concerning liquidation of a partnership? I. Assets must be liquidated solely through sale transaction II. Assets can be sold at distress prices in a single transaction to an interested party III. All assets can be sold at fair value in a single transaction to a competitor or to others who wish to continue the business. [A] I only [B] I and II only [C] II and III only [D] I, II and III 2. S1: Lump-sum liquidation refers to a series of interim distributions to partners while the sale of noncash assets and the payment of liabilities is occurring. S2: Installment liquidation refers to the sale of noncash assets and payment of liabilities before single distribution to partners. [A] Both statements are correct [B] Both statements are incorrect [C] Only S1 is correct [D] Only S1 is incorrect
Why do partnerships dissolve?
When a partnership is created, what is the contract called that gives the amounts invested by each partnership, how income and losses should be distributed, etc.? Group of answer choices partnership charter partnership partnership agreement none of these
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Question: 4.2 The reciprocal method of consolidation _? a) Ignores intercompany transactions b) Eliminates all intercompany transactions c) Only eliminates certain transactions d) Only applies to partnerships