7/2/2021 CMPC 131 Midterm Departmental Examination (ST 20-21)

CMPC 131 Midterm Departmental

Examination (ST 20-21)
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Multiple Choice Theories

Choose the best answer.

S1: If the total contributed capital of the partnership is greater than the 1 point
total agreed capital, it is possible that a goodwill be recognized or an
undervaluation of asset occurred.S2: Noncash assets sold by the
partnership will prioritize payment of Creditors *

S2 True; S1 False

Both statements are true

Both statements are false

S1 True; S2 False

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7/2/2021 CMPC 131 Midterm Departmental Examination (ST 20-21)

S1: A joint arrangement that is structured without a separate vehicle should 1 point

be accounted as Joint VentureS2: A joint arrangement that is structured

without a separate vehicle should be accounted as Joint Operation *

S2 True; S1 False

S1 True; S2 False

Both statements are false

Both statements are true

The interest of the retiring or withdrawing partner is usually measured by 1 point

his capital balance before his retirement or withdrawal adjusted by the
following adjustments except *

errors in net income in prior years

changes in the valuation of all assets and liabilities

profit or loss from the operation from the last closing date of the date of his
retirement or withdrawal

profit or loss after the date of the partner’s withdrawal or retirement

In case of admission of a partner, the first adjustment that need to be 1 point

prepared is *

Profit and loss account adjustment

Bank account

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7/2/2021 CMPC 131 Midterm Departmental Examination (ST 20-21)

The revaluation of assets

Realization of income or loss

Merchandise invested by an entity under a joint operation agreement 1 point

should include an entry of *

Credit to merchandise Inventory of all the Joint Operators

Debit to Joint Operation under the books of the Joint Operators other than the party
who invested

Credit to Joint Operation under the books of the party investing the merchandise

Credit to merchandise inventory of the Joint Operator who contributed merchandise

S1: In a partnership liquidation, if a partner’s personal liabilities exceed 1 point

personal assets then the partner is personally insolvent.S2: Cash Priority
Program is the schedule prepared to determine the amount of payment
prioritized to each partners. *

S2 True; S1 False

Both statements are false

Both statements are true

S1 True; S2 False

[S1] Forming a partnership requires two or more people agreeing to be 1 point

partners contributing all their personal properties. [S2] Oral agreements of

partners are not allowed. *

Statement 1 is true.

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7/2/2021 CMPC 131 Midterm Departmental Examination (ST 20-21)

Both statements are true.

Both statements are false.

Statement 2 is true.

S1: In a partnership, at least one partner is required to be a/an limited 1 point

partner in order to ensure partnership creditors will be paid and
protectedS2: Unpaid liabilities should be included in computing for the total
loss attributed to the partners. *

Both statements are true

S1 True; S2 False

S2 True; S1 False

Both statements are false

This is a type of arrangement whereby the parties that have joint control of 1 point
the arrangement have rights to the net assets of the arrangement *

Joint venture

Joint entry

Joint undertaking

Joint operation

S1: Joint Control is present if tow ore more parties have greater than 50% 1 point

Control.S2: One Party has more than 50% in a joint arrangement *

S1 True; S2 False

S2 True; S1 False

Both statements are true

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7/2/2021 CMPC 131 Midterm Departmental Examination (ST 20-21)
Both statements are true

Both statements are false

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