Partnerships: Basic Considerations and Formation 2

通報

問題一覧

The partnership name shall bear the word "______" or "____"

company or co

If it's a limited partnership, it's name shall bear the word "_____" or "_____"

limited or ltd

A professional partnership may bear the word "_____", "_____", or "_____" or other similar descriptions.

company associates partners

Certified public accountants (CPAs), firms and partnerships of CPAs, engaged in the practice of public accountancy, including the partners and staff members thereof, show register with the _____ and _____.

professional regulation commission professional regulatory board of accountancy

The registration of CPAs, firms, and partnerships, shall be renewed every 3 years (______).

the filipino accountancy act of 2004, section 31

It has two or more owners, so the separate capital and drawing accounts are established for each partner.

partnership

A partner's _____ account is credited for his initial and additional net investments (assets contributed less liabilities assumed by the partnership), and credit balance of the drawing account at the end of the period.

capital account

It is debited for his permanent withdrawals and debit balance of the drawing account at the end of the period.

capital account

It is debited to reflect assets temporarily withdrawn by him from the partnership.

partner's drawing account

Debit permanent withdrawals. Debit balance of the drawing account at the end of the period.

partner's capital account

Credit original investment. Credit additional investment. Credit balance of the drawing account at the end of the period.

partners capital account

Debit temporary withdrawals. Debit share in loss (this may be debited directly to capital).

partners drawing account

Credit share in profit (this may be credited directly to capital).

partners drawing account

Are made with the intention of permanently decreasing the partner's capital.

permanent withdrawals

Are regular advances made by the partners in anticipation of their share in profit.

temporary withdrawals

The use of drawing accounts for ______ provide a record of each partners drawings during an accounting period. Drawings in excess of the allowed amounts as stated in the partnership agreement may be controlled.

temporary withdrawals

If a partner withdraws a substantial amount of money with the intention of repaying it, the debit should be to ______, instead of to Partner's Drawing account.

loans receivable-partner account

If a partner may lend amounts to the partnership in excess of his intended permanent investment, these advances should be credited to ______ and not to Partner's Capital account.

loans payable-partner account

The _____ of an asset is the estimated amount that a willing seller would receive from a financially capable buyer for the sale of the asset in a free market.

fair market value

Per International Financial Reporting Standards (IFRS) No. 3, ______ is the price at which an asset or liability could be exchanged in a current transaction between knowledgeable, unrelated willing parties.

fair value

Per ______, fair value is the price at which an asset or liability could be exchanged in a current transaction between knowledgeable, unrelated willing parties.

International Financial Reporting Standards (IFRS) No. 3

A partnership may be formed in any of the following ways:

individuals with no existing business form a partnership. conversion of a sole proprietorship to a partnership. admission or retirement of a partner.

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