Accounting for a partnership comes closer to accounting for a corporation than to accounting for a sole proprietorship.

Name: Accounting for a partnership comes closer to accounting for a corporation than to accounting for a sole proprietorship.
Brand: Quizplus
Rating: 4.9 (38 reviews)

Question

Quizplus · Accepted Answer

Accounting for a partnership is more similar to accounting for a sole proprietorship because both involve individual capital accounts for the owners and do not have the corporate characteristics of issued shares and retained earnings.

Accounting for a Partnership Comes Closer to Accounting for a Corporation