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Financial Accounting and Reporting > Partnership Formation > Flashcards

Partnership Formation Flashcards

1
Q

One Legal Owner

A

Sole Proprietorship

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2
Q

Two or More Legal Owner - ARTICLES OF PARTNERSHIP

A

Partnership

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3
Q

Two or More Legal Owner - ARTICLES OF INCORPORATION

A

Corporation

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4
Q

Legal Reference: Civil Code of the Philippines

a. TWO OR MORE PERSONS bind themselves
b. Contribute MONEY, PROPERT, OR INDUSTRY

A

Article 1767

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5
Q

TWO OR MORE PERSONS bind themselves:

A
  1. Natural Person
  2. Juridical Person
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6
Q

Can partnership form another partnership?

A

Yes

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7
Q

Can corporation enter into a partnership?

A

Yes

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8
Q

Persons who contribute MONEY, PROPERTY, OR INDUSTRY.

A

Partners

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9
Q

Contribute MONEY, AND/OR PROPERTY

A

Capitalist Partner

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10
Q

Contribute INDUSTRY (EXPERTISE/PROFESSIONAL PRACTICE)

A

Industrial Partner

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11
Q

Contribute MONEY, PROPERTY, AND INDUSTRY

A

Capitalist-Industrial Partner

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12
Q

Partnership can be classified according to the liability of the partners:

A
  1. General Partner
  2. Limited Partner
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13
Q

The liability of the partner extends up to PERSONAL ASSETS

A

General Partner

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14
Q

The liability of the partner extends up to THE CONTRIBUTION

A

Limited Partner

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15
Q

(MEASUREMENT) Money/Cash

A

Face Value

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16
Q

(MEASUREMENT) Property/Non-Cash Assets

A

Agreed Value, Fair Value

17
Q

(MEASUREMENT) Service/Industry

A

Not Measurable
*Not measurable because of the bias.

18
Q

Fair Value - PFRS?

A

PFRS 13 - Fair Value Measurements

19
Q

It is the accounting process to recognize the contribution of the industrial partner as well the recognition of the agreement among of the partners.

A

Bonus Method

20
Q

“Unless there is a stipulation to the contrary, the partners shall contribute equal shares to the capital of the partnership.”

A

Article 1790

21
Q

Who settle the liability if the mortgage liability is not assumed by the Partnership?

A

The partner is the Sole Person to settle, not the partnership

22
Q

What if the problem is silent, what you will do with mortgage liability?

A

The Mortgage Liability is assumed by the Partnership

23
Q

It is the amount of PPE or any other assets presented in the financial report.

A

Recoverable Amount / Carrying Amount / Book Value

24
Q
  1. Increase Asset = _______ Capital
  2. Decrease Asset = ________ Capital
  3. Increase Liability = ________ Capital
  4. Decrease Liability = _______ Capital
A

Increase
Decrease
Decrease
Increase

25
Q

Kulang ang naibawas sa asset so dadagdagan ang naibawas.

A

Under-depreciation

26
Q

Sobra ang naibawas sa asset so babawasan ito…

A

Over-depreciation

Financial Accounting and Reporting (4 decks)

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