Portal/site/FAC1601-21-S1-3E/tool/3 4772cf8-9110-45bf-baee-1854aa651670 /jsf/delivery/deliver Assessment QUESTION 1
Which one of the following alternatives is correct?
A. The retirement of a partner from a partnership does not require the calculation of a new profit-sharing ratio but a
simple reallocation of a retired partner's share.
OB. From the legal perspective, the activities of a dissolved and a subsequent new partnership are not separately
accounted for and reported on
OC. Since partnerships are not govemed by a law requiring that IFRS be applied, it is not possible to introduce a
standardised accounting procedure according to which changes in the ownership structure of partnerships ought to be
recorded
D. When a change in the ownership structure of a partnership occurs, a new partnership agreement is entered into by
the new partners which causes the existing partnership to continue with its business operations without any interruptions.
O E. Since a partnership is a legal entity, the ownership of a partnership is vested in the partners, and not in the
partnership
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Steffi is reviewing various licenses and their uses. match the licenses to their respective uses. you are eligible to work within the state. you are eligible to sell limited investment securities. you are eligible to sell fixed income investment products. your compensation is fee based. section 6 section 7 section 63 section 65

Kiona co. set up a petty cash fund for payments of small amounts. the following transactions involving the petty cash fund occurred in may (the last month of the company's fiscal year). may 1 prepared a company check for $350 to establish the petty cash fund. 15 prepared a company check to replenish the fund for the following expenditures made since may 1. a. paid $109.20 for janitorial services. b. paid $89.15 for miscellaneous expenses. c. paid postage expenses of $60.90. d. paid $80.01 to the county gazette (the local newspaper) for an advertisement. e. counted $26.84 remaining in the petty cashbox. 16 prepared a company check for $200 to increase the fund to $550. 31 the petty cashier reports that $380.27 cash remains in the fund. a company check is drawn to replenish the fund for the following expenditures made since may 15. f. paid postage expenses of $59.10. g. reimbursed the office manager for business mileage, $47.05. h. paid $48.58 to deliver merchandise to a customer, terms fob destination. 31 the company decides that the may 16 increase in the fund was too large. it reduces the fund by $50, leaving a total of $500.

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