Which statement is TRUE about partnerships?
A)Legally,a partnership is separate from the partners.
B)A partnership has one capital account.
C)For accounting purposes,a partnership is separate from the partners.
D)For accounting purposes,a partnership is not separate from the partners.

Question

Quizplus · Accepted Answer

For accounting purposes, a partnership is considered separate from the partners, allowing it to maintain its own financial records and accounts.

Which Statement Is TRUE About Partnerships