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.

---

Definitions:

Networking

The act of interacting with others to exchange information and develop professional or social contacts.

External Behavior

Actions or reactions of an individual that are observable and measurable by others.

Broadly Defined Categories

Classifications or groupings that encompass a wide range of elements or instances.

Fall Prevention Protocol

A set of guidelines and interventions designed to reduce the risk of falls, particularly in healthcare facilities and among the elderly.