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.

---

Definitions:

Control

The power to influence or direct people's behavior or the course of events.

Responsibility

The obligation to carry out duties or tasks effectively and to be accountable for the outcomes of one’s actions.

Absenteeism

The habit or tendency of an employee to be absent from work more frequently than what is deemed acceptable, affecting productivity and morale.

Stress-related

Pertaining to, caused by, or significantly influenced by stress, which can impact both physical and mental health.