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The Professional Practices Framework Consists of Three Categories of Guidance

question 148

Multiple Choice

The Professional Practices Framework consists of three categories of guidance which included all of the following EXCEPT:

Understand how net income is divided among partners based on capital, salaries, and predetermined ratios.
Knowledge of the allocation of net loss among partners.
Understand the principle of fair market value in the contribution of assets to a partnership.
Understand and calculate partners' capital balance adjustments after income distribution.

Definitions:

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