Which of the Following Statements Is False Regarding When a Partner

question 38

Multiple Choice

Which of the following statements is false regarding when a partner may demand an accounting?

• A)A partner may demand an accounting whenever the partnership agreement provides for an accounting.
• B)A partner may demand an accounting whenever circumstances render an accounting as "just and reasonable."
• C)A partner may demand an accounting whenever the copartners wrongfully exclude a partner from the partnership or from access to the books.
• D)A partner may demand an accounting whenever any partner fails to disclose a profit or benefit from the partnership.
• E)A partner may demand an accounting for any time for any reason.

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Definitions:

Credit Balance

Credit Balance refers to the amount of money a company owes to its customers, creditors, or depositors in their respective accounts.

Credits

Accounting entries that decrease assets or increase liabilities and equity on the balance sheet.

Debits

In accounting, debits are entries on the left side of an account ledger, indicating increases in asset or expense accounts, or decreases in liability, equity, or revenue accounts.

Credit

An accounting entry that represents an increase in liabilities or equity or a decrease in assets, opposite of a debit.