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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.
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Suggested Answer: A 🗳️
Reference:
https://www.slideshare.net/ArthikDavianti/accounting-for-partnership-46681465
by Mike12345678 at April 8, 2021, 7:13 p.m.

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Evveee
3 months, 3 weeks 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
9 months, 3 weeks ago
C is correct
upvoted 1 times
superman26
5 months, 3 weeks ago
why the answer is C?
upvoted 1 times
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