Asked by Ramneek Thatai on Apr 26, 2024
Verified
Which one of the following would not be considered an expense of a partnership in determining income for the period?
A) Expired insurance
B) Salary allowance to partners
C) Supplies used
D) Freight-out
Salary Allowance
An agreed amount of money paid regularly to an employee on top of their salary for specific purposes, such as travel or housing.
Expired Insurance
The portion of an insurance premium that represents coverage for a past period.
Supplies Used
The value of materials and goods consumed during a company's operations within a specific period.
- Familiarize yourself with the techniques for assessing and distributing the financial outcomes of a partnership, factoring in the impact of interest on capital, fixed salaries, and agreed-upon ratios.
Verified Answer
Learning Objectives
- Familiarize yourself with the techniques for assessing and distributing the financial outcomes of a partnership, factoring in the impact of interest on capital, fixed salaries, and agreed-upon ratios.
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