Partnership accounting is the same as accounting for:
A. An S corporation.
B. A sole proprietorship, except that separate capital and withdrawal accounts are kept for each partner.
C. A corporation, except that retained earnings is used to keep track of partners' withdrawals.
D. A C corporation.
E. A foreign entity.
Answer: B
You might also like to view...
The basic marketing principle is that
A. marketers' first duty is to the firm. B. sales create revenue streams. C. marketers focus on the needs of buyers. D. word of mouth is foundational.
Obsolescence refers to the insufficient capacity of a company's plant assets to meet the company's production demands.
Answer the following statement true (T) or false (F)
In terms of coverage, employers and employees not covered by FLSA are generally subject to:
a. third party arbitration. b. other federal laws. c. state laws. d. independent arbitration.
According to NLRB guidelines, what is the tenure of the bargaining agreement for a certified union?