Finals in BASIC ACCOUNTING

Question 1

The law that defines a partnership in the Philippines.

Answer 1

Answer: Article 1767 of the New Civil Code

Question 2

The intention of partners to divide profits among themselves.

Answer 2

Answer: Intention to divide profits

Question 3

The essential element requiring partners to contribute money, property, or services.

Answer 3

Answer: Contribution to a common fund

Question 4

The characteristic that makes partners personally liable for debts.

Answer 4

Answer: Unlimited liability

Question 5

The characteristic where partners act as agents of the partnership.

Answer 5

Answer: Mutual agency

Question 6

The characteristic where partnership assets are owned by all partners.

Answer 6

Answer: Co-ownership of partnership property

Question 7

A partnership that can be easily dissolved.

Answer 7

Answer: Partnership with limited life

Question 8

A partnership engaged in a profession like accounting or law.

Answer 8

Answer: Professional partnership

Question 9

A partnership where all partners have unlimited liability.

Answer 9

Answer: General partnership

Question 10

A partnership engaged in trading or manufacturing.

Answer 10

Answer: Commercial partnership

Question 10

A partnership with no fixed duration.

Answer 10

Answer: Partnership at will

Question 11

A partnership where some partners have limited liability.

Answer 11

Answer: Limited partnership

Question 12

A partnership formed for a specific undertaking.

Answer 12

Answer: Partnership with a fixed term

Question 13

A partnership that did not comply with legal requirements.
:

Answer 13

De facto partnership

Question 14

A legally registered partnership.

Answer 14

Answer: De jure partnership

Question 15

A partner who manages but is not known to the public.

Answer 15

Answer: Secret partner

Question 15

A partner who contributes both capital and services.

Answer 15

Answer: Capitalist-industrial partner

Question 16

A partner who contributes cash or property.

Answer 16

Answer: Capitalist partner

Question 17

A partner who neither manages nor is known to the public.

Answer 17

Answer: Dormant partner

Question 18

The right to receive profits from the partnership.

Answer 18

Answer: Right to share in profits

Question 18

A partner whose liability is unlimited to outsiders.

Answer 18

Answer: General partner

Question 19

The document containing the terms and conditions of the partnership.

Answer 19

Answer: Articles of Co-Partnership

Question 20

The government agency that registers the partnership contract.

Answer 20

Answer: Securities and Exchange Commission (SEC)

Question 21

The agency that issues the Tax Account Number.

Answer 21

Answer: Bureau of Internal Revenue (BIR)

Question 22

The agency where employees are registered for benefits.

Answer 22

Answer: Social Security System (SSS)

Question 23

The agreement of partners to put money, property, or services together for business purposes.

Answer 23

Answer: Voluntary agreement

Question 24

The combined investments of the partners used in the business.

Answer 24

Answer: Common fund

Question 25

The intention of partners to share earnings from the business.

Answer 25

Answer: Intention to divide profits

Question 26

A business organization that cannot be formed as a partnership due to lack of profit motive.

Answer 26

Answer: Non-profit organization

Question 27

A person who contributes services and is not allowed to engage in another business without consent.

Answer 27

Answer: Industrial partner

Question 28

The type of tax paid by partners in a professional partnership.

Answer 28

Answer: Income tax

Question 29

The type of partnership where income tax on earnings is paid by the partnership itself.

Answer 29

Answer: Commercial partnership

Question 30

The transfer of ownership of partnership assets to the partnership entity.

Answer 30

Answer: Transfer of ownership

Question 31

The process of ending and settling partnership affairs.

Answer 31

Answer: Liquidation

Question 32

The event that automatically terminates the original partnership contract.

Answer 32

Answer: Admission of a new partner The person who may be reimbursed by co-partners after paying partnership debts. Answer: Industrial partner

Question 33

The condition that makes a partnership unstable for long-term creditors.

Answer 33

Answer: Easy dissolution

Question 34

The type of liability where creditors may attach personal properties of partners.

Answer 34

Answer: Unlimited liability