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FAC1602 ASSESSMENT 2 SEMESTER 1 2024
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FAC1602 ASSESSMENT 2 SEMESTER 1 2024
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BMZ ACADEMYBMZ Academy
CONTACT @ 061 262 1185/068 053 8213/0717513144
BMZ ACADEMY 0612621185/ 0717513144/ 068 053 8213
, 4/9/24, 3:15 PM Assessment 2 (page 1 of 5)
FAC1602-24-S1 Welcome Message Assessment 2
QUIZ
Time left 2:27:10
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.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=17237112&cmid=886584 1/1
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