Which Item Is Not Shown on the Schedule of Partnership

question 56

Multiple Choice

Which item is not shown on the schedule of partnership liquidation?

• A) Current cash balances.
• B) Property owned by the partnership.
• C) Liabilities still to be paid.
• D) Personal assets of the partners.
• E) Current capital balances of the partners.

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Definitions:

Standard Costs

Estimated costs of production, labor, and materials that are set in order to budget and control expenses.

Fixed Manufacturing Overhead

Expenses associated with manufacturing that do not vary with the level of production, including salaries of managers and depreciation of equipment.

Direct Labor Costs

Expenses directly tied to the work of employees manufacturing a product or delivering a service.

Work in Process

A category of inventory representing items currently being manufactured but not yet completed.