Which of the Following Statements Is True

question 82

Multiple Choice

Which of the following statements is true?

• A)Partners are employees of the partnership.
• B)Salaries to partners are expenses on the partnership income statement.
• C)Salary allowances usually reflect the relative value of services provided by partners.
• D)Salary allowances are expenses.
• E)Interest allowances are expenses.

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Definitions:

Maturity Principle

The concept that individuals become more conscientious and agreeable as they age, showing fewer negative or antisocial behaviors.

Self-Serving Bias

The common human tendency to attribute personal successes to internal factors while blaming failures on external factors.

Narcissism

A psychological condition characterized by self-centeredness, a lack of empathy for others, and an excessive need for admiration.

Agreeableness

Agreeableness is a personality trait characterized by warmth, kindness, and a tendency to cooperate and seek social harmony.