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ACCOB CHAPTER 4 quiz > chapter 2 flashcards > Flashcards

chapter 2 flashcards

1
Q

A business owned by two or more individuals is called a

A

partnership

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2
Q

The only requirement for a partnership

A

Both partners should agree to operate a business

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3
Q

Types of agreements that can make a partnership valid

A

Written and oral

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4
Q

The first three parts in a balance sheet

A

Current assets, cash, trade and other receivable and prepaid expense

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5
Q

Things under trade and other receivables

A

Accounts receivable and Accounts for doubtful accounts

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6
Q

How many types of business organizations are out there

A

4

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7
Q

a business which is owned and managed by only one person

A

Sole or single proprietorship

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8
Q

An association of two or move persons who bind themselves together to do business for profit.

A

Partnership

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9
Q

A body formed and authorized by law to act as a single person although constituted by one or more persons and legally endowed with various rights and duties.

A

Corporation

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10
Q

A people centered enterprise which are jointly owned and democratically controlled by and for their memebers to realize their common socio economic needs and aspirations.

A

Cooperative

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11
Q

A business that engages in the rendering of services to other for a fee, like the beauty parlor, law firm, dental clinic, and medical clinic

A

Service concern

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12
Q

Businesses that are into the buying and selling of goods or commodities like the grocery store, drug store and department store.

A

Merchandising or trading concern

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13
Q

Businesses that are engaged in the processing of products or the conversion of raw materials into finished goods that are then sold like the furniture factory and shoe factory.

A

Manufacturing Concern

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14
Q

A ______ is a contract in where two or more persons bind themsdelves to contribute money, property, or industry into a common fund with the intention of diving the profit among themselves.

A

Partnership

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15
Q

A written agreement is required when partnership capital is _______ or more in money or in any property.

A

3000

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16
Q

Partnership is formed through the mutual agreement of all the partners.

A

based on contract

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17
Q

no one should be forced or coereced in joining a partnership

A

Voluntary association

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18
Q

any partner may act as an agent of the partnership in conducting its affairs.

A

Mutual agency

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19
Q

a partnership may be dissolved at any time by action of the partners or by operation of law.

A

Limited Life

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20
Q

The personal assets of a general partner may be used to satisfy the claims of the creditors of the partnership, if the partnership assets are not enough to settle the liabilities to outsiders upon liquidation.

A

Unlimited liability

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21
Q

Properties contributed to the partnership are owned by the partnership.

A

Co-ownership of property

22
Q

A partner has the right to share in partnerships profits.

A

Co ownership of profit

23
Q

A partnership has a legal personality seperate and distinct from that of each of the partners.

A

Legal Entity

24
Q

Partnerships are subjected to ______ of 20%

A

Income tax

25
Q

main activity is the rendering of services

A

Service

26
Q

main activity is the purchase or sales of goods

A

Merchandising or trading

27
Q

main activity is the production of good

A

Manufacturing

28
Q

one wherein all the partners are general partners who are liable for the partnership debts to the extent of their personal property after all the partnership assets have been exhausted

A

General

29
Q

one consisting of one or more general partners and one or more limited partners

A

Limited

30
Q

one in which the partners contribute all the property, which belong to each of them

A

Universal partnership of all present property

31
Q

one which comprises all that the partners may acquire by their industry or work during the existence of the partnership

A

Universal partnership of profits

32
Q

one which has for its object determinate things, their use or fruits or a specific undertaking or the exercise of a profession or vocation

A

Particular partnership

33
Q

one for which no term is specified and is not formed for a particular underetaking or venture

A

Partnership at will

34
Q

one in which the term or period for which the partnership is to exiswt is agreed upon

A

partnership with a fixed term

35
Q

one who contributes capital in money or property

A

Capitalist

36
Q

one who contributes industry, labor, skill or service

A

industrial

37
Q

one who contributes money, property and industry

A

Capitalist industrial

38
Q

one whose liabilitry to third persons extends to his private property

A

General

39
Q

one whose liability to third persons is limited only to the extent of his capital contribution to the partnership

A

Limited

40
Q

one who manages actively the business of the partnership

A

managing partner

41
Q

one that provides capital to the partnership but generally who does not participate in the management of partnership affairs.

A

silent

42
Q

a partner who is not really a partner, not being a party to the partnership agreement, but is made liable as a partner to safeguard and protect the rights of innocent third parties.

A

Nominal partner

43
Q

one who takes active part in the business but whose connection with the partnership is concealed on unknown to the public.

A

Secret

44
Q

one who does not take active part in the business and is not known to the public as a partner.

A

Dormant partner

45
Q

one who takes active part in the management of the firm and is known to the public as a partner in the business.

A

Otensible partner

46
Q

there will be as manay capital accounts and as many drawing accounts as there are partners.

A

More than one capital and drawings account

47
Q

partners may advance money to the partnership in the form of loans when the businesds needs additional funds.

A

Partners loans

48
Q

the partnership may advance money to partners other than withdrawals in the form of loans

A

Partner’s borrowings

49
Q

partners are paid salaries

A

partners salaries

50
Q

Interest is allowed to earn on the asset invesment of the partners

A

interest on investment

51
Q

net profit or net loss is to be divided among the partners based on their agreements.

A

Division of profit and losses

ACCOB CHAPTER 4 quiz (5 decks)

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