Multiple Choice
Which of the following statements best describes accounting for a partnership?
A) A partnership may be a profit or a nonprofit entity.
B) A partnership may use federal income tax rules to account for transactions in their journals and ledger accounts.
C) A partnership's equity section contains both capital and retained earnings accounts.
D) A partnership may only distribute money through a dividend payment.
Correct Answer:
Verified
Correct Answer:
Verified
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