The major categories in which partnerships deviate from GAAP are:
a. _______________________________________________.
b. _______________________________________________.
c. _______________________________________________.
d. _______________________________________________.

Question

Quizplus · Accepted Answer

The Answer is a. cash basis instead of accrual basis
b. prior period adjustments
c. use of fair (or current) values instead of historical cost
d. recognition of goodwill in situations not involving business combinations

The Major Categories in Which Partnerships Deviate from GAAP Are