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Exam IIA-CIA-Part3 topic 2 question 97 discussion

Actual exam question from IIA's IIA-CIA-Part3
Question #: 97
Topic #: 2
[All IIA-CIA-Part3 Questions]

Which of the following is the most appropriate way to record each partner's initial investment in a partnership?

  • A. At the value agreed upon by the partners.
  • B. At book value.
  • C. At fair value.
  • D. At the original cost.
Show Suggested Answer Hide Answer
Suggested Answer: A 🗳️
Reference:
https://www.slideshare.net/ArthikDavianti/accounting-for-partnership-46681465

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Evveee
2 years, 6 months ago
A is correct. Partner's initial investment in a partnership is recorded at 1. Value agreed upon by partners or 2. FV of assets (if 1 is not given).
upvoted 1 times
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Mike12345678
3 years ago
C is correct
upvoted 1 times
superman26
2 years, 8 months ago
why the answer is C?
upvoted 1 times
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C (25%)
B (20%)
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