Exam (elaborations)
FAC1602 ASSESSMENT 2 SEMESTER 1 2024
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FAC1602 ASSESSMENT 2 SEMESTER 1 2024
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4/9/24, 3:15 PM Assessment 2 (page 1 of 5)FAC1602-24-S1 Welcome Message Assessment 2
QUIZ
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Question 1
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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. From the legal perspective, the activities of a dissolved and a subsequent
new partnership are not separately accounted for and reported on.
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. Since a partnership is a legal entity, the ownership of a partnership is
vested in the partners, and not in the partnership.
e. 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.
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https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=17237112&cmid=886584 1/1
, 4/9/24, 3:15 PM Assessment 2 (page 2 of 5)
FAC1602-24-S1 Welcome Message Assessment 2
QUIZ
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Question 2
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Which one of the following alternatives is correct?
a. The fair value of the assets of a partnership is equal to the total equity of a
partnership.
b. To ensure that compliance is followed, the financial statements of
partnerships must not be prepared according to IFRS.
c. When recording the valuation adjustments, if the value of a liability is
decreased, the valuation account is credited with the amount of the
decrease.
d. The selling price of the partnership business is determined by the value of
its assets.
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Question 3
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Which one of the following alternatives is incorrect?
a. The selling price of the partnership business is determined by the value of
its net assets.
b. When recording the valuation adjustments, if the value of a liability is
decreased, the valuation account credited with the amount of a decrease.
c. The change in the ownership structure of the partnership is effectively the
same as the dissolution.
d. To ensure that compliance is followed, the financial statements of
partnerships must be prepared according to IFRS.
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https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=17237112&cmid=886584&page=1 1/1
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