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Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik
Edition 12ISBN: 978-0077862220Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik
Edition 12ISBN: 978-0077862220 Exercise 20
How does partnership accounting differ from corporate accounting
a. The matching principle is not considered appropriate for partnership accounting.
b. Revenues are recognized at a different time by a partnership than is appropriate for a corporation.
c. Individual capital accounts replace the contributed capital and retained earnings balances found in corporate accounting.
d. Partnerships report all assets at fair value as of the latest balance sheet date.
a. The matching principle is not considered appropriate for partnership accounting.
b. Revenues are recognized at a different time by a partnership than is appropriate for a corporation.
c. Individual capital accounts replace the contributed capital and retained earnings balances found in corporate accounting.
d. Partnerships report all assets at fair value as of the latest balance sheet date.
Explanation
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Partnership accounting is different from...
Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik
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