Multiple Choice
Which of the following statements is correct regarding partnerships?
A) Accounting for a partnership is similar to accounting for a corporation.
B) If the partnership assumes a liability related to an asset invested in the partnership,the partner's capital account is credited and a liability account is debited.
C) It is necessary to maintain separate Capital and Withdrawals accounts for each partner.
D) All of these choices.
Correct Answer:
Verified
Correct Answer:
Verified
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