Which Statement Concerning Partnerships Is True

question 18

Multiple Choice

Which statement concerning partnerships is true?

• A) A partnership agreement must be in writing.
• B) If all existing partners must approve a new partner this may make it difficult to sell an interest in a partnership.
• C) Partner's capital accounts must always have equal balances.
• D) The profit or loss is determined in the profit distribution account and is distributed to the partners in the profit summary account.

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Definitions:

Infants

Very young children, especially those under one year of age, characterized by rapid physical and cognitive development during the first years of life.

Attached

Refers to the emotional bond or connection between individuals, such as between parents and children or romantic partners.

Parents

Individuals who have conceived, adopted, or acted as guardians for a child, assuming responsibility for that child's upbringing and welfare.

Toddlers

Young children, typically aged 1-3 years, in the developmental stage characterized by rapid physical growth, cognitive development, and emotional and social exploration.