In a Partnership,the Entry to Close Net Income ________

question 69

Multiple Choice

In a partnership,the entry to close net income ________.

• A) increases assets
• B) increases liabilities
• C) decreases partners' capital accounts
• D) decreases the Income Summary account

Comprehend different types of property ownership and the legal implications of each.

Grasp legal concepts related to land use, including easements and tenancies.

Analyze the responsibilities and rights of landlords and tenants under various agreements.

Distinguish between personal and real property, including the treatment of fixtures.

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Definitions:

Dark Pools

Electronic trading networks where participants can anonymously buy or sell large blocks of securities.

Market Order

A type of trading order that instructs to buy or sell a security immediately at the current market price.

Discretionary Order

An order given to a broker allowing them discretion on the execution timing and price of a trade, within certain pre-established parameters.

Limit Order

An order to buy or sell a security at a specific price or better.