Which of the following statements is true concerning the treatment of salaries in partnership accounting?
A) Partner salaries may be used to allocate profits and losses; they are not considered expenses of the partnership
B) Partner salaries are equal to the annual partner draw.
C) The salary of a partner is treated in the same manner as salaries of corporate employees.
D) Partner salaries are directly closed to the capital account.
Correct Answer:
Verified
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