Asked by dorian hawthorne on May 01, 2024
Verified
The accounting procedures are the same for sole proprietorships as for partnerships with the exception of:
A) the asset section includes more than one cash account.
B) the liability section.
C) the revenue section.
D) the capital section has separate capital sections for each partner.
Capital Section
Part of a company’s balance sheet that details the funding provided by owners and investors, including paid-in capital and retained earnings.
Revenue Section
Part of the income statement that details the amounts earned from normal business operations, excluding expenses to calculate gross profit.
Asset Section
Part of a balance sheet that lists a company's assets, including current and non-current (or long-term) assets.
- Become familiar with the core structure and properties of partnerships.
Verified Answer
Learning Objectives
- Become familiar with the core structure and properties of partnerships.
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