When Closing the Accounts of a Partnership It Is True

question 9

Multiple Choice

When closing the accounts of a partnership it is true that:

• A)Partner's salaries must be treated as drawings because partners are owners
• B)A retained profits account is used rather than a profit and loss summary account
• C)Profit is credited to each partner's capital account according to the profit sharing agreement
• D)A loss for the period is carried forward and is not transferred to the partner's capital accounts

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Definitions:

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The head of the Department of Defense, responsible for overseeing all agencies and functions of the government directly related to national security and the United States armed forces.