Which of the Following Statements Is True Concerning the Treatment

question 32

Multiple Choice

Which of the following statements is true concerning the treatment of salaries in partnership accounting?

• A)Partner salaries may be used to allocate profits and losses; they are not considered expenses of the partnership
• B)Partner salaries are equal to the annual partner draw.
• C)The salary of a partner is treated in the same manner as salaries of corporate employees.
• D)Partner salaries are directly closed to the capital account.

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Definitions:

Emotional Intelligence

The ability to understand and manage one's own emotions, as well as recognize and influence the emotions of others.

Teamwork Norm

Established standards or behaviors that are accepted and expected from members within a team to facilitate effective collaboration.

E-leader

A leader who uses electronic media to influence, guide, and organize remote or virtual team members.

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Collections of individuals who interact with one another, share similar characteristics, and collectively have a sense of unity or identity.