(p.Appendix: A)On a partner's personal statement of changes in net worth,what type(s)of income is (are)recognized? I.Realized
II)Unrealized

Question

Quizplus · Accepted Answer

Both realized and unrealized income are recognized on a partner's personal statement of changes in net worth. Realized income refers to gains or losses resulting from the sale or exchange of assets or investments, while unrealized income refers to gains or losses on investments or assets that have not yet been sold or exchanged, but their market value has changed. Both types of income affect a partner's net worth and must be reported in their personal statement of changes in net worth.

(PAppendix: A)On a Partner's Personal Statement of Changes in Net