Which of the Following Is True When a New Partner

question 24

Multiple Choice

Which of the following is true when a new partner is admitted by purchasing an existing partner's interest?

• A)Only the transfer of cash from the new partner to the existing partner is recorded.
• B)Admission of the new partner affects the total asset amount.
• C)Admission of the new partner affects the total equity amount.
• D)The only journal entry the partnership records is the transfer of partner's capital.

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Definitions:

Social Anxiety Disorder

A chronic mental health condition characterized by intense fear and avoidance of social situations due to perceived judgment or scrutiny by others.

Thought Action Fusion

A cognitive distortion where individuals believe that thinking about an action is equivalent to performing it.

Obsessions

Recurrent and uncontrollable thoughts, impulses, or ideas that an individual finds disturbing and anxiety-provoking.

Negative Evaluation

The assessment of something with a focus on its faults or disadvantages, often leading to a conclusion that views the subject in a predominantly critical light.