Answer - Mid-term: Partenrship & Corporation Akawnting

Answer: Akawnting for Partnership and Corporation

Test I Identification

1.  Mutual Agency
2.  Articles of Partnership
3. Fair value or fair market value or market value
4. Dormant partner
5. Silent partner
6. Limited partner
7. Secret partner
8. Nominal partner or partner by estoppel
9. Dissolution
10. Bonus

Test II True or False

1. True
2. True
3. False
4. False
5. True
6. True
7. True
8. False
9. True
10. False

Test III Mutiple Choice Problems

1. D
2. C
3. B
4. B
5. D
6. C
7. D
8. C
9. D
10. C

Test IV Enuemeration

1. Kinds of partners (At least 5)

•  General Partner
• Limited Partner
• Capitalist Partner
• Industrial Partner
• Managing Partner
• Liquidating Partner
• Dormant Partner
• Silent Partner
• Secret Partner
• Nominal Partner or Partner by estoppel

2. Causes of Dissolution

• Admission of a Partner
• Withdrawal, incapacity, bankruptcy, or death of a partner
• Incorporation

3. Difference between Partnership and Corporation

• Manner of Creation
• Number of Persons
• Commencement of Juridical Personality
• Management
• Extent of Liability
• Right of Succession
• Terms of Existence 

4. Basic Principles in Accounting (At least 5)

• Objectivity
• Historical Cost
• Revenue Recognition
• Expense Recognition
• Materiality
• Adequate Disclosure
• Consistency

Short Problems

1. P 7,375
2. P 271,250/ P 215,250/ P 163,000
3. P 130,300
4. P 62,250
5. P 418,750/ P 568,750/ P 512,500
6. P 45,000