Which of the Following Statements Is True About a Partnership

question 28

Multiple Choice

Which of the following statements is true about a partnership?

• A)One capital and drawing account is used for each partnership.
• B)The capital account is used to record each partner's investment and their designated share of the earnings.
• C)Partnerships are subject to income taxes.
• D)The drawings account is closed to retained earnings at the end of the period.

Grasp the significance of impact craters in shaping the surfaces of planets and moons.

Recognize the importance of water in the geological history of planets and moons.

Understand how radar and thermal infrared imaging contribute to planetary science.

Understand the concept and components of the Balanced Scorecard as a management system.

---

Definitions:

Earnings Equal

The principle or goal of achieving income parity among workers, regardless of gender, ethnicity, or other potentially discriminatory factors.

Labour Force

The total number of people employed or looking for work in an economy.

Children

Young human beings who are not yet adults, often considered to be under the age of eighteen.

Housework

The tasks and chores performed in the management of a household, such as cleaning, cooking, and home maintenance.