There are three accounting issues where there are some differences between partnerships and proprietorships. Which one of the following is NOT a difference?
A) private partnerships may follow ASPE
B) formation of a partnership
C) preparing partnership financial statements
D) dividing the partnership profit and loss

Question

Quizplus · Accepted Answer

The choice that is NOT a difference between partnerships and proprietorships is A) private partnerships may follow ASPE (Accounting Standards for Private Enterprises), as both partnerships and sole proprietorships can follow ASPE for their financial reporting. The other options (B, C, D) represent actual differences in how partnerships and proprietorships are handled in accounting practices.

There Are Three Accounting Issues Where There Are Some Differences