Which of the following is a CORRECT statement?
A)Shareholders' equity is also called proprietorship equity.
B)A proprietorship has more than one capital account.
C)A partnership has a separate owner's equity account for each partner.
D)Retained earnings is the owner's investment in the corporation.

Question

Quizplus · Accepted Answer

A partnership indeed maintains a separate owner's equity account for each partner to track each partner's investment, share of profits, and withdrawals. This allows for clear accounting and distribution of the partnership's financial outcomes.

Which of the Following Is a CORRECT Statement