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:

Debtors

Individuals or entities that owe money to others, typically arising from borrowing funds to finance activities, purchases, or investments.

Exchange Theorists

Social scientists who study the social behavior in terms of the perceived balance of costs and benefits involved in human interactions.

Valued Resources

Assets or materials that are considered important or valuable within a society or community, often contributing to its well-being and development.

Approval

Formal consent or agreement given towards an action, policy, or decision.