Partnership Accounting

Multiple Choice

Partnership accounting:

A) Is the same as accounting for a sole proprietorship.
B) Is the same as accounting for a corporation.
C) Is the same as accounting for a sole proprietorship, except that separate capital and withdrawal accounts are kept for each partner.
D) Is the same as accounting for an S corporation.
E) Is the same as accounting for a corporation, except that retained earnings is used to keep track of partners' withdrawals.