FINALS DRAFT DOCX

Title	FINALS DRAFT
Author	H. Acedillo
Pages	14
File Size	203.6 KB
File Type	DOCX
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Divine Word College of Calapan ACCOUNTANCY DEPARTMENT PRELIMINARY EXAMINATION NAME: ________________________________________________ SCORE: ________/RATING: _________ ID NUMBER: ___________________________________________ COURSE: ________________________ PRAYER BEFORE THE EXAMINATION Lord God, I pra...

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Divine Word College of Calapan ACCOUNTANCY DEPARTMENT NAME: ________________________________________________ SCORE: ________/RATING: _________ ID NUMBER: ___________________________________________ COURSE: ________________________ PRAYER BEFORE THE EXAMINATION Lord God, I pray that you would help me pass this exam. Thank you for your guidance in leading me to this study and for sustaining me as I have worked for this examinaton. I ask now that your spirit would lead me. Come sharpen my thinking and help me to excel in this test of my learning and understanding. May I be able to recall everything I need from my studies and answer each queston well. Amen. ANSWER THE FOLLOWING QUESTIONS CAREFULLY. GOOD. BETTER. BEST. NEVER LET IT REST. 'TIL YOUR GOOD IS BETTER AND YOUR BETTER IS BEST. GOD BLESS.:) 1. This is the order of preference in the liquidation of a partnership a. 1. Outside creditors 2. Partners with respect to their capital 3. Partners with respect to their profit 4. Partners aside from their capital and profit b. 1. Partners with respect to their capital 2. Partners with respect to their profit 3. Partners aside from their capital and profit 4. Outside creditors c. 1. Outside creditors 2. Partners aside from their capital and profit 3. Partners with respect to their capitals 4. Partners with respect to their profit d. 1. Partners aside from their capital and profit 2. Outside creditor 3. Partners with respect to their capital 4. Partners with respect to their profits e. None of the above 2. Which of the following statements concerning the formation of partnership business is correct? a. Philippine Financial Reporting Standards (PFRS) allows recognition of goodwill arising from the formation of partnership. b. The juridical personality of the partnership arises from the issuance of certification of registration. c. The parties may become partners only upon contribution of money or property but not of industry or service. d. The capital to be credited to each partner upon formation may not be the amount actually contributed by each partner. e. None of the above. 3. In the absence of agreement as to distribution of loss, how shall the partnership loss be distributed to the partners? a. The loss shall be distributed equally to all partners including the industrial partner. b. The industrial partner shall be exempted from partnership loss while the capitalist partners shall share equally c. The industrial partner shall be exempted from partnership loss while the capitalist partners shall be distributed on the basis of capital ratio. d. The industrial partner shall be exempted from partnership loss while the capitalist partners shall be distributed in accordance with profit agreement ratio. e. None of the above. 4. Put the following classes in the order allowed, starting with the highest priority to the lowest: (F-21:11) 1) Expenses to administer estate 2) Tax claims of governmental units 3) Wages (including salaries and commissions) up to P4,000 earned within 90 days 4) Deposits up to P1,800 each for goods or services never received from the debtor a. 1,3,4,2 b. 3,1,2,4 c. 4,2,1,3 d. 2,1,3,4 e. None 5. Which of the following unsecured debts with priority shall be paid first during corporate liquidation? SUBJECT: DATE OF EXAMINATION: Saturday, December 09, 2017 TIME:_________________ DAY: TIME OF EXAMINATION: ___________________________________ Prepared by: JHERICK D. EVANGELISTA, CPA Evaluated by: JHON PAULO DE PADUA, CPA Noted by: MARY A R. BAUTISTA, CPA, MBA Instructor BSAT Coordinator Department Head PRELIMINARY EXAMINATION...