When an Incoming Partner's Contribution Is Different from That Indicated

question 34

Multiple Choice

When an incoming partner's contribution is different from that indicated by the book values of the original partnership, the admission of the partner, which method may be used to record the admission:

• A)​RUPA
• B)​Straight Line
• C)​Acceptance
• D)​Goodwill

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Definitions:

FOB Destination

A shipping term indicating that the sale is considered complete and the goods owned by the buyer upon arrival at the buyer's location.

Credit Memo

A document issued by a seller to a buyer, reducing the amount owed, typically due to a return or refund.

Debit Delivery Expense

An accounting entry that increases the expense account related to the cost incurred for delivering goods or services.

Purchases Discounts

An allowance given by the seller to the buyer for early payment or for buying in bulk, reducing the amount owed.