Principles of Financial Accounting.
Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 12, Problem 10DQ
To determine

Whether the given information relieve Person KY of liability.

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The partnership is being dissolved. Unfortunately, the liquidating partner found out that the assets of the partnership are not enough to pay all the liabilities to the creditors. How will the partnership be able to pay all its liabilities?   None of the above The properties of all the partners shall be held liable. The properties of the limited partner shall be held liable. The properties of the general partner shall be held liable.
Which of the following factor(s) is/are considered by courts in determining whether an act committed by an employee occurred within the course and scope of employment? Whether the employer knew that the act would involve the commission of a serious crime. O Whether the employer authorized the employee's act and whether the employer provided the tools by which the act occurred, but not whether the employer knew that the act would involve the commission of a serious crime. Whether the employer provided the tools by which the act occurred. O Whether the employer authorized the employee's act. Whether the employer authorized the employee's act, whether the employer provided the tools by which the act occurred, and whether the employer knew that the act would involve the commission of a serious crime.
During a liquidation, if a partner’s capital account balance drops below zero, what Should Happen? The other partners file a legal suit against the partner with the deficit balance. The partner with the highest capital balance contributes sufficient assets to eliminate the deficit. The deficit balance is removed from the accounting records with only the remaining partners sharing in future gains and losses. The partner with a deficit contributes enough assets to offset the deficit balance.
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