If an Individual Invests More Cash for an Interest in an Existing

question 96

Multiple Choice

If an individual invests more cash for an interest in an existing partnership than the book value of his or her interests,an entry is made to debit

• A) Cash and credit the capital account of each existing partner.
• B) Cash and credit the drawing account of each existing partner.
• C) Cash and credit the Income Summary account for the excess.
• D) each existing partner's capital account and credit Cash.

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Definitions:

Ingroups

Social groups to which an individual feels a sense of membership, belonging, and identity.

Outgroups

Groups of people that an individual does not identify as belonging to, often seen as different or apart from one's own group.

Self-knowledge

An individual's understanding of their own personality, feelings, motives, desires, and other aspects of the self.

First Impressions

The initial perception or judgment about someone or something formed quickly without much information, which can be lasting and hard to change.