A partnership is defined by the Generally Accepted Accounting Principles.

Name: A partnership is defined by the Generally Accepted Accounting Principles.
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Question

Quizplus · Accepted Answer

A partnership is defined by legal statutes and agreements between partners, not by Generally Accepted Accounting Principles (GAAP). GAAP provides guidelines on how financial transactions and events are to be recorded and reported in financial statements.

A Partnership Is Defined by the Generally Accepted Accounting Principles