Which Item Is Not Shown on the Statement of Partnership

question 39

Multiple Choice

Which item is not shown on the statement of partnership liquidation?

• A) Current cash balances.
• B) Property owned by the partnership.
• C) Liabilities still to be paid.
• D) Personal assets of the partners.
• E) Current capital account balances of the partners.

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Definitions:

Note Payable

A written promise to pay a certain amount of money on a specific future date, representing a liability for the issuer.

Account Payable

A liability represented by an obligation to pay off a short-term debt to its creditors or suppliers.

Notes Payable

An accounting term for amounts owed by a business that are evidenced by promissory notes.

Borrower

An individual or entity that receives something with the agreement to return it or its equivalent to the lender at a later date.