Which of the Following Statements Is Correct Regarding Partnerships

question 122

Multiple Choice

Which of the following statements is correct regarding partnerships?

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

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Definitions:

Skeletal Muscles

Muscles attached to bones that are responsible for movement of the body and maintenance of posture.

Involuntary Muscles

Muscles that operate without conscious control, such as those found in the heart and digestive tract.

Eccentric Contraction

A type of muscle contraction that occurs as the muscle lengthens while it is under tension, such as lowering a weight.

Overload Principle

A fundamental fitness concept that to improve physical fitness, the body or specific muscles must be gradually stressed by working against a load or resistance higher than what it's accustomed to.