Which of the Following Is True When a New Partner

question 46

Multiple Choice

Which of the following is true when a new partner is admitted by purchasing an existing partner's interest?

• A)Only the transfer of cash from the new partner to the existing partner is recorded.
• B)Admission of the partner affects only the amount of total assets.
• C)Admission of the partner affects the total equity amount.
• D)The only journal entry the partnership records is the transfer of partner's capital.

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Definitions:

Non-Volatile

Referring to a type of computer memory that retains its data even when not powered, such as flash memory and ROM.

Data Warehouses

Centralized repositories designed to store, manage, and retrieve structured and unstructured data from various sources for analysis and reporting purposes.

Data Marts

Subsets of data warehouses focused on specific business lines or departments, providing targeted information for data analysis and decision making.

Source System

A system where data originates before it is transferred to a destination system, commonly used in data integration and migration scenarios.