The sum (or total)of the net income (loss)allocated to each partner should always equal the total net income (loss)of the partnership.

Question

Quizplus · Accepted Answer

This statement is true. The net income (loss) allocated to each partner is a portion of the total net income (loss) of the partnership. Therefore, when added up, the sum of the net income (loss) allocated to each partner should always equal the total net income (loss) of the partnership.

The Sum (Or Total)of the Net Income (Loss)allocated to Each