If a Partnership's Salary and Interest Allowances Are in Excess

question 116

Short Answer

If a partnership's salary and interest allowances are in excess of the net income, the entry to close Income Summary after the allowances are recorded will include a(n)------------to Income Summary.

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Definitions:

Impulsivity

A trait signifying a tendency to act on a whim, displaying behavior characterized by little or no forethought, reflection, or consideration of the consequences.

Biopsychosocial Approach

A holistic perspective in health and illness considering biological, psychological, and social factors as interconnected influences.

DSM-IV-TR

The American Psychiatric Association’s Diagnostic and Statistical Manual of Mental Disorders, Fourth Edition, updated as a 2000 “text revision”; a widely used system for classifying psychological disorders.

Medical Model

A framework in which psychological disorders are treated as medical diseases, emphasizing diagnosis, treatment, and cure.