When Non-Current Assets Are Contributed by a Partner They Should

question 26

Multiple Choice

When non-current assets are contributed by a partner they should be recorded in the partnership books at:

• A) historic cost.
• B) depreciable value.
• C) carrying amount.
• D) fair value.

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Definitions:

ROM

Acronym for Read-Only Memory, a type of non-volatile storage medium that permanently stores data on personal computers and other electronic devices.

RAM

See random-access memory.

Local Vendor

A local individual or business that sells goods or services in a specific area or community.

Supply Companies

Businesses that provide materials, equipment, and supplies to consumers, businesses, or other organizations.