9/10/22, 5:12 PM Assessment 2: Attempt review
MENU
Dashboard / Courses / UNISA / 2022 / Semester 2 / FAC1601-22-S2 / Welcome Message / Assessment 2
Started on Saturday, 10 September 2022, 10:25 AM
State Finished
Completed on Saturday, 10 September 2022, 11:15 AM
Time taken 50 mins 14 secs
Question 1
Complete
Marked out of 1.50
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.
b. 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.
c. Since partnerships are not governed 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. From the legal perspective, the activities of a dissolved and a subsequent new partnership are not separately accounted for and
reported on.
e. Since a partnership is a legal entity, the ownership of a partnership is vested in the partners, and not in the partnership.
Question 2
Complete
Marked out of 1.50
Which one of the following alternatives is correct?
a. When recording the valuation adjustments, if the value of a liability is decreased, the valuation account credited with the amount of a
decrease.
b. An existing goodwill account balance is transferred to the partners’ capital accounts on admission of a new partner.
c. To ensure that compliance is followed, the financial statements of partnerships must be prepared according to IFRS.
d. The fair value of the assets of a partnership is equal to the total equity of a partnership.
e. The selling price of the partnership business is determined by the value of its assets.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=5487465&cmid=299793 1/8
, 9/10/22, 5:12 PM Assessment 2: Attempt review
Question 3
Complete
Marked out of 1.50
MENU
Which one of the following alternatives is incorrect?
Dashboard / Courses / UNISA / 2022 / Semester 2 / FAC1601-22-S2 / Welcome Message / Assessment 2
a. The selling price of the partnership business is determined by the value of its assets.
b. To ensure that compliance is followed, the financial statements of partnerships must be prepared according to IFRS.
c. When recording the valuation adjustments, if the value of a liability is decreased, the valuation account credited with the amount of a
decrease.
d. An existing goodwill account balance is transferred to the partners’ capital accounts on admission of a new partner.
e. The change in the ownership structure of the partnership is effectively the same as the dissolution.
Question 4
Complete
Marked out of 2.00
A change in the ownership structure of the partnership occurs:
1. When the partnership changes to operate in a completely new industry or market.
2. When a new partner is admitted to the partnership.
3. When one of the partners dies.
4. When one of the partners retires.
5. When a new profit-sharing ratio of the partnership is agreed upon and effected.
Which one of the following alternatives form part of the instances of a changes in the partnership ownership structure?
a. 1, 2, 3 and 5
b. All of the above
c. 1, 2, 4 and 5
d. 1, 3, 4 and 5
e. 1, 2, 3 and 4
f. 2, 3, 4 and 5
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=5487465&cmid=299793 2/8
MENU
Dashboard / Courses / UNISA / 2022 / Semester 2 / FAC1601-22-S2 / Welcome Message / Assessment 2
Started on Saturday, 10 September 2022, 10:25 AM
State Finished
Completed on Saturday, 10 September 2022, 11:15 AM
Time taken 50 mins 14 secs
Question 1
Complete
Marked out of 1.50
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.
b. 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.
c. Since partnerships are not governed 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. From the legal perspective, the activities of a dissolved and a subsequent new partnership are not separately accounted for and
reported on.
e. Since a partnership is a legal entity, the ownership of a partnership is vested in the partners, and not in the partnership.
Question 2
Complete
Marked out of 1.50
Which one of the following alternatives is correct?
a. When recording the valuation adjustments, if the value of a liability is decreased, the valuation account credited with the amount of a
decrease.
b. An existing goodwill account balance is transferred to the partners’ capital accounts on admission of a new partner.
c. To ensure that compliance is followed, the financial statements of partnerships must be prepared according to IFRS.
d. The fair value of the assets of a partnership is equal to the total equity of a partnership.
e. The selling price of the partnership business is determined by the value of its assets.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=5487465&cmid=299793 1/8
, 9/10/22, 5:12 PM Assessment 2: Attempt review
Question 3
Complete
Marked out of 1.50
MENU
Which one of the following alternatives is incorrect?
Dashboard / Courses / UNISA / 2022 / Semester 2 / FAC1601-22-S2 / Welcome Message / Assessment 2
a. The selling price of the partnership business is determined by the value of its assets.
b. To ensure that compliance is followed, the financial statements of partnerships must be prepared according to IFRS.
c. When recording the valuation adjustments, if the value of a liability is decreased, the valuation account credited with the amount of a
decrease.
d. An existing goodwill account balance is transferred to the partners’ capital accounts on admission of a new partner.
e. The change in the ownership structure of the partnership is effectively the same as the dissolution.
Question 4
Complete
Marked out of 2.00
A change in the ownership structure of the partnership occurs:
1. When the partnership changes to operate in a completely new industry or market.
2. When a new partner is admitted to the partnership.
3. When one of the partners dies.
4. When one of the partners retires.
5. When a new profit-sharing ratio of the partnership is agreed upon and effected.
Which one of the following alternatives form part of the instances of a changes in the partnership ownership structure?
a. 1, 2, 3 and 5
b. All of the above
c. 1, 2, 4 and 5
d. 1, 3, 4 and 5
e. 1, 2, 3 and 4
f. 2, 3, 4 and 5
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=5487465&cmid=299793 2/8
