Advanced Financial Accounting
Advanced Financial Accounting
12th Edition
ISBN: 9781259916977
Author: Christensen, Theodore E., COTTRELL, David M., Budd, Cassy
Publisher: Mcgraw-hill Education,
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Chapter 15, Problem 15.5E
To determine

Partnership: The partnership is a popular form of business because it is easy to form and allows several individuals to combine their talents, skills and resources in a particular business. In addition, partnerships allow the sharing of risks for rapidly growing business.

From accounting point of view, partnership requires recognition of several important factors,

  1. From accounting point of view partnership is a separate business entity.
  2. The partnership accounts for their operations using accrual accounting.
  3. Most partnerships are not required to furnish financial statements annually and they are not required to have annual audit of their financial statements.

To match: the given items with the given descriptions and explanations.

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