IIA
IIA-CIA-PART3 · Question #111
IIA-CIA-PART3 Question #111: Real Exam Question with Answer & Explanation
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Question
An internal auditor was asked to review an equal equity partnership, in one sampled transaction. Partner A transferred equipment into the partnership with a Self-declared value of 510 ,000, and Partner B contributed equipment with a self-declared value of 515,000. The capital accounts reach partner were subsequently credited with $12,500. Which of the following statements Is true regarding this transection?
Options
- AThe capital accounts of the partners should be increased by she original cost of the contributed
- BThe capital accounts should be increased using a weighted average based by the current
- CNo action is needed, as the capital account of each partner was increased by the correct amount,
- DThe capital accounts of the partners should be increased by She fair market value of their
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