Exam (elaborations)
fac 1601 assessment 2 semester 1 2023.pdf
- Course
- Institution
fac 1601 assessment 2 semester 1 2023
[Show more]
Seller
Follow
warasmyeko
Reviews received
Content preview
FAC1601 ASSIGNMENT 2written by
Wanda De Tutor
www.stuvia.com
, Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1601-23-S1 / Welcome Message / Assessment 2
Time left 1:31:54
Question 1
Answer saved
Marked out of 1.00
Which of the following statements is correct:
1.
Goodwill is excluded in the calculation when determining the fair value of a partnership.
2.
Past financial performance indicators such as total comprehensive income in respect of previous financial periods, are ordinarily used
to determine goodwill.
3.
When revaluing an asset or liability in terms of a change in ownership structure, the current account is used. The current account is
then closed off to the accounts of the existing partners according to their existing profit-sharing ratio.
4.
The selling price of a partnership is determined by the cost price of the partnership.
5.
A personal transaction is a transaction that is made between an existing partner and the partnership of the business entity.
Clear my choice
◄ Assessment 1
Jump to...
Assessment 3 ►
, MENU
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1601-23-S1 / Welcome Message / Assessment 2
Time left 1:32:08
Question 2
Answer saved
Marked out of 3.00
Vogel and Mazibuko are in a mining partnership with a profit-sharing ratio of 1:3 respectively. A new partnership was formed by admitting
Malikane. A 1/6 share in the profits/loss of the new partnership was obtained by Malikane. Vogel and Mazibuko agreed to relinquish the 1/6
share according to their previous profit-sharing ratio of 1:3. The new profit-sharing ratio is:
1. 1:3:6
2. 8:16:5
3. 7:18:6
4. 5:15:4
5. 3:13:2
Clear my choice
◄ Assessment 1
Jump to...
Assessment 3 ►
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller warasmyeko. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77241 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
Recently viewed by you
