Which of the Following Is a CORRECT Statement

question 185

Multiple Choice

Which of the following is a CORRECT statement?

• A)Shareholders' equity is also called proprietorship equity.
• B)A proprietorship has more than one capital account.
• C)A partnership has a separate owner's equity account for each partner.
• D)Retained earnings is the owner's investment in the corporation.

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Definitions:

Total Purchase Price

The complete cost of acquiring an asset, including the price of the asset plus any additional fees or expenses involved in the purchase.

Square Yards

A unit of area measurement equal to a square measuring one yard on each side, used in the United States for land and flooring measurements.

Including Tax

Means that the price mentioned for goods or services includes any taxes that are applicable.

Gallon

A unit of volume measurement in the US customary units and the British imperial system, usually used for liquids.