Which of the Following Is Not a Proper Use of Notes

question 66

Multiple Choice

Which of the following is not a proper use of notes?

• A)To describe the nature and effect of a change in accounting principle,such as from FIFO to LIFO.
• B)To indicate the basis for asset valuation.
• C)To indicate the method of depreciation.
• D)To correct an improper financial statement presentation.
• E)To describe a firm's debt.

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Definitions:

General Partnership

A business arrangement where two or more individuals agree to share all assets, profits, financial and legal liabilities of a venture.

Partnership Terminates

The process or event leading to the dissolution or ending of a partnership agreement between two or more business partners.

General Partnership

A business structure where two or more individuals share ownership, as well as the responsibilities and liabilities of the business.

Limited Partnership

A partnership structure where one or more partners have limited liabilities, not exceeding their investment, while at least one partner has unlimited liability.