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.

Question

Quizplus · Accepted Answer

The capital section in partnerships has separate capital accounts for each partner to reflect their individual contributions and share of profits, unlike in sole proprietorships where there is only one owner's capital account.

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