Which of the Following Statements Is True About Partnership Accounting

question 51

Multiple Choice

Which of the following statements is true about partnership accounting?

• A)A particular partner's capital account is debited when a withdrawal takes place by that partner.
• B)Through the closing entry process for a partnership,a positive net income results in an increase in overall partner capital.
• C)The total of the drawing account balances are subtracted to arrive at the net income to allocate to the partners.
• D)The partner's drawing account is closed to retained earnings at the end of the period.

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Definitions:

Common Compounds

Chemical substances made up of atoms of two or more different elements, which are widely found or used in daily life.

Acute Poisoning

A sudden and severe exposure to a toxic substance causing harmful effects.

Multiple Exposure

A photography technique that combines two or more exposures into a single image to produce surrealistic effects.

Corrosive

Corrosive substances are those that can destroy or irreversibly damage another substance by chemical reaction upon contact.