29 Jun Question 21. When a partnership is for
Question
21. When a partnership is formed, noncash assets contributed by partners should be recorded:
I. at their respective book values for income tax purposes.
II. at their respective fair values for financial accounting purposes.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
22. When a new partner is admitted into a partnership and the new partner receives a capital credit less than the tangible assets contributed, which of the following explains the difference?
I. The new partner’s goodwill has been recognized.
II. The old partners received a bonus from the new partner.
A. I only
B. II only
C. Either I or II
D. Neither I nor II
23. When a new partner is admitted into a partnership and the new partner receives a capital credit greater than the tangible assets contributed, which of the following explains the difference?
I. The old partners’ goodwill is being recognized.
II. The new partner’s goodwill is being recognized.
A. I only
B. II only
C. Either I or II
D. Both I and II
24. When a new partner is admitted into a partnership and the capital of the old partners decreases, which of the following explains the reason for the decrease?
I. Undervalued liabilities were written up to their fair values.
II. Undervalued assets were written up to their fair values.
A. I only
B. II only
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