The Variable Capital Balances Method (Method 1), Requires the Profit

question 21

Multiple Choice

The variable capital balances method (method 1) , requires the profit or loss and partner's drawings to be closed off to each partner's:

• A) capital account.
• B) cash account.
• C) profit or loss summary account.
• D) retained earnings accounts.

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Definitions:

Affluent Societies

Societies that are financially prosperous, with a majority of its members enjoying a high standard of living.

Homophobia

The fear, hatred, discomfort with, or mistrust of people who are homosexual or the disapproval of homosexual behaviors or cultures.

Characteristic

A distinguishing trait, quality, or property that defines an individual, group, or thing.

Stigma

A mark of disgrace associated with a particular circumstance, quality, or person.