Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 4

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.