Ch12会计学原理怀尔德21版答案.docx

Chapter 12 Accounting for Partnerships ?True /False Questions?1.?A partnership has an unlimited life.?Answer: False ?Blooms: RememberAACSB: CommunicationAICPA BB: LegalAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 12-C1Topic: Partnerships and Similar Organizations?2.?A partnership is an unincorporated association of two or more people to pursue a business for profit as co-owners.?Answer: True?Blooms: RememberAACSB: CommunicationAICPA BB: LegalAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 12-C1Topic: Partnerships and Similar Organizations?3.?Mutual agency means each partner can commit or bind the partnership to any contract within the scope of the partnership business.?Answer: True?Blooms: RememberAACSB: CommunicationAICPA BB: LegalAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 12-C1Topic: Characteristics of Partnerships?4.?Accounting procedures for all items are the same for both C corporations and S corporations in all aspects.?Answer: False ?Blooms: RememberAACSB: CommunicationAICPA BB: LegalAICPA FN: Decision MakingDifficulty: 1 Easy Learning Objective: 12-C1Topic: Partnerships and Similar Organizations?5.?Partners in a partnership are taxed on the amounts they withdraw from the partnership, not the partnership income.?Answer: False?Blooms: UnderstandAACSB: CommunicationAICPA BB: LegalAICPA FN: Decision MakingDifficulty: 2 MediumLearning Objective: 12-C1Topic: Characteristics of Partnerships ?6.?Limited liability partnerships are designed to protect innocent partners from malpractice or negligence claims resulting from the acts of another partner.?Answer: True?Blooms: RememberAACSB: CommunicationAICPA BB: LegalAICPA FN: Decision MakingDifficulty: 1 EasyLearning Objective: 12-C1Topic: Partnerships and Similar Organizations?7.?A partnership cannot use salary allowances or interest allowances to allocate income and losses to the partners because these items are not reported on the partnership income statement.?Answer