Solved

Which of the Following Is Not a Feature of the Variable

Question 3

Multiple Choice

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:

verifed

Verified

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents