Which of the Following Statements About a Partnership Is Correct

question 42

Multiple Choice

Which of the following statements about a partnership is correct?

• A) The personal assets of a partner are included in the partnership accounting records.
• B) A partnership is required to file an income tax return.
• C) Each partner's share of profit is taxable to the partnership.
• D) A partnership represents an accounting entity for financial reporting purposes.

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Definitions:

Expansion Card

A hardware component that adds functionality to a computer by plugging into its expansion slot, enhancing its capabilities.

RAM

Random Access Memory, a type of computer memory that is used to store data temporarily while a computer is running, facilitating quick access by the CPU.

ESATA

External Serial Advanced Technology Attachment, an extension of the SATA interface to connect external storage devices to a computer.

Optical Media

Storage disks such as CDs, DVDs, and Blu-ray discs that use laser light to read and write data.