Partnership accounting:
A) Is the same as accounting for a sole proprietorship, except that separate capital and withdrawal accounts are kept for each partner.
B) Is the same as accounting for a corporation.
C) Is the same as accounting for a sole proprietorship.
D) Is the same as accounting for a not-for profit organization.
E) None of these answers is correct.

Question

Quizplus · Accepted Answer

Partnership accounting is similar to sole proprietorship accounting, but it requires separate capital and withdrawal accounts for each partner to track their individual contributions and distributions.

Partnership Accounting