Fac1601 Assignment 2 Part 1-5 Online

FAC1601-21-ALL / Online Assessment Part 1 of 5 - Theory, classification and journals Question 1 of 2 3.0 Points QUESTION 1 Which one of the following alternatives is correct? A. Since a partnership is a legal entity, the ownership of a partnership is vested in the partners, and not in the partnership. B. 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. C. 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 partners share. D. 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. E. From the legal perspective, the activities of a dissolved and a subsequent new partnership are not separately accounted for and reported on. Hide/Show Time RemainingReset Selection Question 2 of 2 3.0 Points QUESTION 2 Which one of the following alternatives is correct? A. An