When Drawing Up Accounts for Partnerships,additional Personal Accounts Must Be

question 19

Multiple Choice

When drawing up accounts for Partnerships,additional personal accounts must be shown:
(i) Individual Current Accounts
(ii) Individual Capital Accounts
(iii) Individual Drawings Accounts
(iv) Individual Revenue Accounts

• A) All of the above
• B) (ii) only
• C) (i) and (ii) only
• D) (i), (ii) and (iii) only

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Definitions:

Derived Demand

Demand for a commodity, service, etc., that is a consequence of the demand for something else; for instance, the demand for steel is derived from the demand for automobiles.

Just-In-Time

An inventory strategy that aligns raw-material orders from suppliers directly with production schedules to minimize stock levels.

EOQ

Economic Order Quantity; the ideal order quantity a company should purchase to minimize its inventory costs, including holding, shortage, and order costs.

Just-In-Time

An inventory management strategy that aims to increase efficiency and reduce waste by receiving goods only as they are needed in the production process.