A Partnership's Liabilities Have Increased by Year-End

question 53

True/False

A partnership's liabilities have increased by year-end. Partners' bases in their partnership interests will increase.

---

Definitions:

Banking

The business conducted or services offered by a bank, such as lending, receiving deposits, and managing financial transactions.

Traveler's Checks

Traveler's Checks are preprinted, fixed-amount checks designed to allow the person signing them to make payments or exchange them for cash while traveling, offering a secure alternative to carrying cash.

Checking Account

A bank account that allows the account holder to make deposits, withdraw cash, and write checks for daily transactions.

Debit Cards

Plastic payment cards that deduct money directly from a consumer's checking account to pay for purchases, different from credit cards that borrow money from a line of credit.