Which of the following is not a feature of the variable capital balances method (method 1) of accounting for partnership equity?
A) Each partner has one permanent capital account.
B) Partner's drawings are closed to their capital accounts.
C) Interest on capital is credited to the partners retained earnings accounts.
D) The profit or loss distribution account is closed to the partner's capital accounts.
Correct Answer:
Verified
Q1: The text refers to two methods of
Q2: Which of the following is an advantage
Q4: Which of the following is a not
Q5: Which of the following statements concerning partnership
Q6: As compared to a company with a
Q7: Which of the following is not a
Q8: _is the characteristic of a partnership whereby
Q9: The relationship that exists between persons carrying
Q10: The legislation in Australia that is concerned
Q11: A limited partner is one who has
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents