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 is now divided per the number of partners.

Question

Quizplus · Accepted Answer

The only difference between accounting procedures for sole proprietorships and partnerships is that in partnerships, the capital section of the balance sheet is divided among the partners, whereas in a sole proprietorship, it is not divided among multiple owners.

The Accounting Procedures Are the Same for Sole Proprietorships as for Partnerships