Which of the Following Statements Is True About a Partnership

question 6

Multiple Choice

Which of the following statements is true about a partnership?

• A) One capital and one drawings account is used for each partnership.
• B) The capital account is used to record each partner's investment and that partner's designated share of the earnings.
• C)Partnerships are subject to separate income taxes.
• D)The drawings account is closed to retained earnings at the end of the perioD.The capital account in a partnership keeps track of each partner's capital balance and is affected by partner investments and withdrawals as well as net income.

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Definitions:

mL/hr

Milliliters per hour, a rate of flow commonly used in medical settings to measure fluid administration or loss.

IV Catheter Insertion

The process of placing a catheter into a vein to administer fluids, medication, or nutrition directly into the bloodstream.

Proximally

Close in relation to; near the center or point of reference.

Distally

Located far from a central point or origin, particularly in relation to limbs or anatomical structures.