Fundamentals of Advanced Accounting 5th Edition by Joe Ben Hoyle,Thomas Schaefer,Timothy Doupnik

Exercise 1

How does partnership accounting differ from corporate accounting
a. The matching principle is not considered appropriate for partnership accounting.
b. Revenues are recognized at a different time by a partnership than is appropriate for a corporation.
c. Individual capital accounts replace the contributed capital and retained earnings balances found in corporate accounting.
d. Partnerships report all assets at fair value as of the latest balance sheet date.