A contributes P1M, B contributed P1M, and C contributed services. There was no agreement as to profit- loss sharing, what will be the share if C in the profit? A. Equal to share of A and B B. P1M C. Just and equitable under the circumstances. D. Court to fix his share
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- I. The use of average capital in distributing profits and losses results in equitable distribution thereof. II. When partners are entitled to salaries, they are to be credited for this even when the operation results in a loss. Group of answer choices a. BOTH STATEMENTS ARE FALSE b. ONLY THE 1ST STATEMENT IS FALSE c. BOTH STATEMENTS ARE TRUE d. ONLY THE 1ST STATEMENT IS TRUEI. The use of average capital in distributing profits and losses results in equitable distribution thereof. II. When partners are entitled to salaries, they are to be credited for this even when the operation results in a loss. a. ONLY THE 1ST STATEMENT IS TRUE b. ONLY THE 1ST STATEMENT IS FALSE c. BOTH STATEMENTS ARE FALSE d. BOTH STATEMENTS ARE TRUE6. What is the proper treatment for noncash asset received from a non-stockholder? Group of answer choices a. The share premium shall be credited for the fair value of the noncash asset. b. The share premium shall be credited for the book value of the noncash asset. c. The income account shall be credited for the fair value of the noncash asset. d. The income account shall be credited for the book value of the noncash asset.
- In the final settlement, of the contingent consideration, which of the following statements is valid?I. If the contingent consideration is classified as equity, the amount shall be measured upon settlement and recognized as part of profit and loss.II. If the contingent consideration is classified as financial liability, the amount shall be measured at fair value upon settlement with any gain or loss recognized as part of profit and loss. a. I only b. Both I and II c. II only d. Neither I nor IIWhen a share-based payment transaction is with an employee and others providing similar services, the goods or services received are measured at thea. fair value of the equity instrument issuedb. intrinsic value a. a or b at the option of the entity b. b c. a d. a if determinable, otherwise, b 2. If there are no vesting conditions, the fair value of employee share options is recognized as expense, and an increase in a. equity at grant date b. liability over the vesting period c. liability at grant date d. equity over the vesting period 3. If there is a vesting period, the fair value of employee share appreciation rights is recognized as expense and an increase in a. liability at grant date b. equity at grant date c. liability over the vesting period d. equity over the vesting periodGoodwill is attributed to both the owners of the parent and non-controlling interests (Non-controlling Interest), if: a. In both proportionate share and fair value b. The NCI is measured at fair value c. Neither in proportionate share nor fair value d. The NCI is measured at proportionate share
- 1. Which of the following creates the largest temporary differences (think taxes): a. Other liabilities b. Share-based compensation c. Equity method investments d. Trademarks and other intangibles e. Property, plant and equipmentWhen there is no specified agreement in the profit-sharing, what happens to the distribution of the profits/losses? Does it will be divided equally or according to the capital contributions?Dividends are recognized in profit or loss only when: Group of answer choices A. The amount of the dividend can be measured reliably. B. All of these. C. It is probable that the economic benefits associated with the dividend will flow to the entity. D. The entity’s right to receive payment of the dividend is established.
- Dividends are recognized in profit or loss only when: a. It is probable that the economic benefits associated with the dividend will flow to the entity. b. The amount of the dividend can be measured reliably. c. All of these. d. The entity’s right to receive payment of the dividend is established.Which of the following case where the losses are to be shared by the partners in their profit sharing ratio? • a. Dissolution of Firm b. None of the options are correct c Profit and Loss d. RevaluationStatement : Non-cash contributions of the partners should be recorded at agreed value in the absence of fair market value. Statemernt i: Interest ratio is the means of dividing the profit and losses among the partners. 0 Both statements are incorrect O Both staterments are correct OOnly Statementls correct Only Statement ll is correct