Partnership Accounting

question 47

Multiple Choice

Partnership accounting:

• A) Is the same as accounting for a sole proprietorship.
• B) Is the same as accounting for a corporation.
• C) Is the same as accounting for a sole proprietorship, except that separate capital and withdrawal accounts are kept for each partner.
• D) Is the same as accounting for an S corporation.
• E) Is the same as accounting for a corporation, except that retained earnings is used to keep track of partners' withdrawals.

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