Which of the Following Statements Best Describes Accounting for a Partnership

question 32

Multiple Choice

Which of the following statements best describes accounting for a partnership?

• A)A partnership may be a profit or a nonprofit entity.
• B)A partnership may use federal income tax rules to account for transactions in their journals and ledger accounts.
• C)A partnership's equity section contains both capital and retained earnings accounts.
• D)A partnership may only distribute money through a dividend payment.

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Definitions:

Id

A term in psychoanalytic theory referring to the part of the unconscious personality which contains our primal, instinctive desires and drives.

Ego

A psychoanalytic term referring to the part of the mind that mediates between the conscious and the unconscious and is responsible for reality testing and a sense of personal identity.

Resistance

In psychology, the opposition to making changes or exploring unconscious feelings and thoughts during therapy.

Anal Stage

The second stage in Freud's psychosexual development theory, focusing on toilet training and control issues, leading to traits of orderliness or messiness.