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11. In accounting for partnerships, which of the following is not valid: a. Partners' withdrawals are debited to their own separate withdrawals account. b. Partners' capital accounts are credited (or debited) for their shares of net income (or net loss) when closing the accounts at the end of the period. c. Partnership dissolutions distributions will always be equal the Partner's Capital account, prior to the start of the dissolution process. d. Each partner's withdrawal account is closed to that partner's capital account. Separate capital and withdrawals accounts are kept for each partner. e. All of the above 12. Accounting for Investments does not depend on which of the following factors: a. Security type: debt or equity. b. Intent to hold the security short or long term. C. Rate of return on investment. d. Percentage ownership in another company's equity securities. e. All of the above. f. None of the above. 13. To pay a cash dividend, the corporation must have; a. A sufficient balance in retained earnings. b. Paid-In-Capital in Excess of Par. C. The cash necessary to pay the dividend. d. Profitability in the period the Dividend is being paid. e. A&C. f. B&D. g. All of the above. 14. Capital leases are long-term (or non-cancelable) leases by which the lessor: a. Transfers substantially all risks and rewards of ownership to the lessee. b. The lessee records the leased item as its own asset along with a lease liability, at the start of the lease term. C. The amount recorded equals the present value of all lease payments. d. All of the above. e. None of the above. 15. Bonds issued in the names and addresses of their holders are: a. Bearer Bonds. b. Par Value Bonds. C. Discounted Bonds. d. Registered Bonds. e. Premium Bonds

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