Homework SourseWhich the following items are important in the determination
Which the following items are important in the determination of safe installment payments to partners?
1. Deficit created and capital accounts are distributed to the remaining partners
2. All unsold non-cash assets are assumed to be worthless
A.neither 1 or 2
B. Both 1 and 2
C. 2 only
D. 1 only
Which of the following accounts could be found in the capital P capital Q partnerships general ledger?
1. Due from P
2. P, drawing
3. Loan payable to Q
A.1,2 and 3
B. 2 and 3
C. 1 and 3
D. 1 and 2
Which of the following observations is true of an S corporation?
A. It’s primary income source should be passive investments
B. It’s shareholders have personal liability for the corporations obligations
C. It does not have the burden of double taxation of corporate income
D.It Elects to be taxed in the same manner as a corporation
Which the following items are important in the determination of safe installment payments to partners?
1. Deficit created and capital accounts are distributed to the remaining partners
2. All unsold non-cash assets are assumed to be worthless
A.neither 1 or 2
B. Both 1 and 2
C. 2 only
D. 1 only
Which of the following accounts could be found in the capital P capital Q partnerships general ledger?
1. Due from P
2. P, drawing
3. Loan payable to Q
A.1,2 and 3
B. 2 and 3
C. 1 and 3
D. 1 and 2
Which of the following observations is true of an S corporation?
A. It’s primary income source should be passive investments
B. It’s shareholders have personal liability for the corporations obligations
C. It does not have the burden of double taxation of corporate income
D.It Elects to be taxed in the same manner as a corporation
1. Deficit created and capital accounts are distributed to the remaining partners
2. All unsold non-cash assets are assumed to be worthless
A.neither 1 or 2
B. Both 1 and 2
C. 2 only
D. 1 only
Which of the following accounts could be found in the capital P capital Q partnerships general ledger?
1. Due from P
2. P, drawing
3. Loan payable to Q
A.1,2 and 3
B. 2 and 3
C. 1 and 3
D. 1 and 2
Which of the following observations is true of an S corporation?
A. It’s primary income source should be passive investments
B. It’s shareholders have personal liability for the corporations obligations
C. It does not have the burden of double taxation of corporate income
D.It Elects to be taxed in the same manner as a corporation
Solution
1. (b) Both 1 & 2
2. (a) 1,2 & 3
3. (b) ait\'s shareholders have personal liability for the corporations obligations
