Harry, Tony, and Liza Run a Partnership Firm

question 14

Multiple Choice

Harry, Tony, and Liza run a partnership firm. In the process of liquidation, the partnership sells non-cash assets, having a book value of $75,000, for $90,000. Which of the following is true of the journal entries?

• A)Cash will be credited by $15,000.
• B)Non-cash assets will be credited for $90,000.
• C)Cash will be credited for $75,000.
• D)Non-cash assets will be credited for $75,000.

Distinguish between globalization and globality, understanding their respective definitions and implications.

Correlate technological advancements with the acceleration of modern globalization and its impacts.

Analyze the effects of globalization on power dynamics, particularly the transfer of power among local, national, and international entities.

Understand the role of technology and communication in facilitating movements and reforms across the globe, specifically during events like the Arab Spring.

---

Definitions:

Rapid Population Growth

A significant increase in the population of an area in a short period, which can lead to challenges such as resource depletion, unemployment, and environmental degradation.

Economic Growth Rate

A measure of the increase in an economy’s output, typically expressed as a percentage increase in real gross domestic product (GDP) over time.

Recessions

Short-lived economic contractions characterized by a downturn in trading and industrial output, consistently identified by a decline in GDP for two successive quarters

Civil War

A conflict between different factions or regions within the same country, often for political power, territorial control, or cultural differences.