Partnership Drawings Are

question 24

Multiple Choice

Partnership drawings are

• A) always maintained in a separate account from the partner's capital account.
• B) equal to partners' salaries.
• C) usually maintained in a separate draw account with any excess draws being debited directly to the capital account.
• D) not discussed in the specific contract provisions of the partnership.

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Definitions:

Employee Resignation

The act of an employee voluntarily leaving their job and ceasing employment with their current employer.

Voluntary Redundancy

A financial incentive offered by an employer for employees to voluntarily leave their jobs, typically as part of cost-cutting measures or organizational restructuring.

Long Service Leave

An employee benefit that grants extended paid leave for those who have been employed for a long period with the same employer.

Projected Wages

An estimate of future wage payments based on current contracts, salary trends, and other factors affecting compensation over a defined period.