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  3. Study Set
    College Accounting Study Set 2
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    Exam 17: Partnership
  5. Question
    The Basis on Which Profits and Losses Are Shared Is
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The Basis on Which Profits and Losses Are Shared Is

Question 60

Question 60

Multiple Choice

The basis on which profits and losses are shared is governed by:


A) the SEC.
B) the IRS.
C) the partnership agreement.
D) the partners and must be shared equally.

Correct Answer:

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