{"id":43876,"date":"2024-04-15T21:35:43","date_gmt":"2024-04-15T21:35:43","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=43876"},"modified":"2024-04-15T21:35:43","modified_gmt":"2024-04-15T21:35:43","slug":"on-the-dissolution-of-a-firm-the-amount-realized-from-an-unrecorded-asset-is-transferred-to","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/on-the-dissolution-of-a-firm-the-amount-realized-from-an-unrecorded-asset-is-transferred-to\/","title":{"rendered":"On the dissolution of a firm, the amount realized from an unrecorded asset is transferred to"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Revaluation Account&#8221; option2=&#8221;Realization Account&#8221; option3=&#8221;Partner&#8217;s Capital Account&#8221; option4=&#8221;Credit side of Cash Account&#8221; correct=&#8221;option2&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>B. Realization Account<\/strong><\/p>\n<p>A realization account is a temporary account used to record the sale of assets and the distribution of the proceeds to the partners. The amount realized from an unrecorded asset is transferred to the realization account, which is then closed to the partners&#8217; capital accounts.<\/p>\n<p>The other options are incorrect because:<\/p>\n<ul>\n<li>A revaluation account is used to record the increase or decrease in the value of assets.<\/li>\n<li>A partner&#8217;s capital account is used to record the partner&#8217;s investment in the firm and their share of the profits or losses.<\/li>\n<li>The credit side of the cash account is used to record the receipt of cash.<\/li>\n<\/ul>\n<p>I hope this helps! Let me know if you have any other questions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Revaluation Account&#8221; option2=&#8221;Realization Account&#8221; option3=&#8221;Partner&#8217;s Capital Account&#8221; option4=&#8221;Credit side of Cash Account&#8221; correct=&#8221;option2&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-43876","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>On the dissolution of a firm, the amount realized from an unrecorded asset is transferred to<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/on-the-dissolution-of-a-firm-the-amount-realized-from-an-unrecorded-asset-is-transferred-to\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"On the dissolution of a firm, the amount realized from an unrecorded asset is transferred to\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Revaluation Account&#8221; 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