Which of the following is TRUE of a partnership balance sheet?
A) Unlike a corporation's balance sheet, it includes all income statement account information.
B) It excludes any current liabilities.
C) It reports a separate capital account for each partner.
D) It details the interest expenses of the business.

Question

Quizplus · Accepted Answer

A partnership balance sheet reports a separate capital account for each partner, showing how they share in the financial position of the business. Unlike a corporation's balance sheet, it does not include all income statement account information, and it may include current liabilities. Interest expenses may be reported on a partnership income statement rather than the balance sheet.

Which of the Following Is TRUE of a Partnership Balance