Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following statements regarding the sale of a partnership interest is FALSE?

The new partner who acquires the interest assumes the rights and obligations of the selling partner.

The sale of a partnership interest always results in the automatic dissolution of the partnership.

The selling partner must allocate their share of partnership income or loss up to the date of sale.

The sale of a partnership interest may result in the recognition of a gain or loss by the selling partner.

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Verified step by step guidance

Step 1: Understand the concept of partnership interest. A partnership interest represents a partner's ownership stake in a partnership, including their share of profits, losses, and obligations.

Step 2: Review the implications of selling a partnership interest. When a partner sells their interest, the buyer typically assumes the rights and obligations of the selling partner, including their share of profits and losses.

Step 3: Analyze the statement about automatic dissolution. The sale of a partnership interest does not always result in the automatic dissolution of the partnership. Dissolution typically occurs only under specific circumstances, such as when the partnership agreement specifies it or when all partners agree to dissolve.

Step 4: Consider the allocation of income or loss. The selling partner must allocate their share of partnership income or loss up to the date of sale, as this reflects their financial activity within the partnership during their ownership period.

Step 5: Evaluate the recognition of gain or loss. The sale of a partnership interest may result in the recognition of a gain or loss by the selling partner, depending on the difference between the sale price and the partner's basis in the partnership interest.