Asked by Alejandra Quiroz on May 13, 2024
Verified
The personal assets liabilities and personal transactions of partners are excluded from the accounting records of the partnership.
Personal Assets
Items of value owned by an individual, including cash, real estate, investments, and personal property.
Accounting Records
Documentation and books involved in preparing financial statements, including ledgers, journals, and other evidence of transactions.
- Familiarize oneself with the core traits and features of organizing a business as a partnership, with special attention to liability, continuity, and the role as an accounting entity.
Verified Answer
BS
bradley suarezMay 19, 2024
Final Answer :
True
Explanation :
This is true, as only the partnership's assets, liabilities, and transactions are recorded in the accounting records of the partnership. Each partner's personal financial information is kept separate from the partnership's financial records.
Learning Objectives
- Familiarize oneself with the core traits and features of organizing a business as a partnership, with special attention to liability, continuity, and the role as an accounting entity.
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