Which of the Following Statements Is Correct Regarding Partnerships

question 44

Multiple Choice

Which of the following statements is correct regarding partnerships?

• A)Accounting for a partnership is similar to accounting for a sole proprietorship.
• B)If the partnership assumes a liability related to an asset invested in the partnership,the asset is debited,the partner's capital account is credited and a liability account is credited.
• C)It is necessary to maintain separate Capital and Withdrawals accounts for each partner.
• D)All of these choices.

---

Definitions:

ISIS

An insurgency that emerged from the sectarian civil wars that destabilized Syria and post–Saddam Hussein Iraq. Beginning in 2014, ISIS forces attacked towns and cities in Iraq, Syria, and Libya, systematically murdering members of ethnic and religious minorities.

Islamic State

A radical jihadist group that emerged in the early 21st century, aiming to establish a caliphate in the Middle East based on strict Sharia law, engaging in terrorism and insurgency.

Oil Drilling

The process of extracting petroleum from beneath the earth's surface by drilling wells and employing various techniques to increase the extraction rate.