Which of the Following Statements Is Correct Regarding Partnerships

question 44

Multiple Choice

Which of the following statements is correct regarding partnerships?

• A)Accounting for a partnership is similar to accounting for a sole proprietorship.
• B)If the partnership assumes a liability related to an asset invested in the partnership,the asset is debited,the partner's capital account is credited and a liability account is credited.
• C)It is necessary to maintain separate Capital and Withdrawals accounts for each partner.
• D)All of these choices.

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