In most respects,a balance sheet for a partnership is similar to a balance sheet for a proprietorship EXCEPT for the fact that the equity section shows a capital account for each partner.

Question

Quizplus · Accepted Answer

This statement is true. The equity section of a partnership's balance sheet shows a capital account for each partner, while a proprietorship's equity section will only have the owner's capital account.

In Most Respects,a Balance Sheet for a Partnership Is Similar