After Completion of the Closing Entries, the Profit Distribution Account

question 16

Multiple Choice

After completion of the closing entries, the profit distribution account in a partnership always has a:

• A) nil balance.
• B) debit balance.
• C) credit balance.
• D) negative balance.

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Definitions:

Probability

The measure of the likelihood that an event will occur, quantified as a number between 0 and 1, where 0 means the event will not happen, and 1 means it will definitely happen.

Jelly Beans

Small, bean-shaped sugar candies with soft candy shells and thick gel interiors, available in various flavors.

Proportion

A statistical measure that reflects the fraction of the total number of items in a particular category.

Standard Deviations

A measure that quantifies the amount of dispersion or variability of a set of data points or distribution from its mean.