Adam,Bill,and Charlie Are Partners

question 108

Multiple Choice

Adam,Bill,and Charlie are partners.The profit and loss sharing rule between them is 2:5:3,with Bill getting the largest share and Adam receiving the smallest.The partnership incurs a net loss of $21,000.While closing the Income Summary ________.(Do not round any intermediate calculations.)

• A) Income Summary will be credited for $6300
• B) Adam, Capital will be debited for $6300
• C) Adam, Capital will be credited for $6300
• D) Charlie, Capital will be debited for $6300

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Definitions:

Frederick Taylor

Known as the father of scientific management, he proposed that work processes could be optimized by breaking them down into smaller tasks and using scientific methods to determine the most efficient ways of performing them.

Labour Standards

Norms and criteria set to ensure fair working conditions, including wages, hours, and safety.

Labour Standards

Predetermined metrics or benchmarks that specify the time required for a worker to complete a specific task under normal working conditions.

Preset Activities

Tasks or actions that are pre-defined and scheduled before a process or event takes place.