FNSACC601 Quiz 3 - review

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School

Monarch Institute *

*We aren’t endorsed by this school

Course

601

Subject

Accounting

Date

May 12, 2024

Type

pdf

Pages

9

Uploaded by EarlKangarooMaster1058 on coursehero.com

Question 1 Correct Mark 1.00 out of 1.00 Question 2 Correct Mark 1.00 out of 1.00 Started on Saturday, 11 May 2024, 12:54 PM State Finished Completed on Saturday, 11 May 2024, 1:07 PM Time taken 13 mins 31 secs Marks 24.00/26.00 Grade 92.31 out of 100.00 Feedback Sensational! - You have shown an indepth understanding of this material, and have achieved an excellent result. Well done. Which of the following is not an example of a partnership for tax purposes? Select one: a. A trust and a company operating a wholesale manufacturing business b. None of the answers are correct c. A husband and wife receiving rent from a jointly owned property d. An individual and a company operating a caravan park e. Two brothers jointly operating a retail business Which of the following is true of a partnership? Select one: a. All partnerships must have a partnership agreement b. All partnerships must lodge an income tax return c. A partnership is not directly liable for income tax d. Assessable income less deductions equals taxable income e. None of the answers are correct
Question 3 Correct Mark 1.00 out of 1.00 Question 4 Correct Mark 1.00 out of 1.00 Which of the following is not true of the partners in a partnership? Select one: a. None of the answers are correct b. Partners must include their share of partnership net income as assessable income c. Partners may defer their share of partnership net loss to claim as a deduction in a future tax year d. Partners are entitled to claim a tax offset equal to their share of franking credits from a partnership e. Partners are to include their share of partnership net loss as a deduction Which of the following amounts is assessable income for a partnership? Select one: a. Interest charged to a partner's current account on their drawings b. None of the answers are correct c. Interest received from a partner on their drawings d. A capital gain on the disposal of partnership property e. Franking credits from a fully franked dividend
Question 5 Incorrect Mark 0.00 out of 1.00 Question 6 Correct Mark 1.00 out of 1.00 Question 7 Correct Mark 1.00 out of 1.00 Question 8 Correct Mark 1.00 out of 1.00 Which of the following is allowed as a deduction of a partnership? Select one: a. None of the answers are correct b. Interest paid to partners on capital balances c. Salaries paid to partners according to a partnership agreement d. A capital loss on the disposal of a partnership asset e. Interest paid to partners on loans The definition of a partnership in general law is the same as the definition of a partnership in tax law. Select one: True False Joint owners of property who receive income from the property are considered as partners for tax purposes. Select one: True False Companies are excluded from the definition of partnership. Select one: True False
Question 9 Correct Mark 1.00 out of 1.00 Question 10 Correct Mark 1.00 out of 1.00 Question 11 Correct Mark 1.00 out of 1.00 Question 12 Correct Mark 1.00 out of 1.00 As a partnership itself does not pay income tax, it does not need to lodge a partnership tax return. Select one: True False Each partner is individually taxed on their share of partnership net income. Select one: True False The partnership net income is divided between the partners in accordance with their profit/loss sharing ratio. Select one: True False A partner’s salary is subject to PAYG withholding. Select one: True False
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