Which of the following statements is correct?
A) Salaries to partners and interest on partners' capital are expenses of the partnership.
B) Salaries to partners are expenses of the partnership but not interest on partners' capital.
C) Interest on partners' capital is an expense of the partnership but not salaries to partners.
D) Neither salaries to partners nor interest on partners' capital are expenses of the partnership.
Correct Answer:
Verified
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