Reference no: EM132787749

Question 1. How to record the acceptance of an industrial partner to the partnership?

a. General journal through memo entry

b. General ledger through a memo entry

Question 2. When the partners agreed to divide the profit and loss using an arbitrary ratio, the inequality of the profit and loss sharing is due to capital balances.

true or false

Question 3. When money or properties are important to the success of the partnership, the preferred profit and loss sharing should be based on the partner's capital contributions.

true or false

Question 4. It is an asset account?

a. Loans to Partner

b. Loans from Partner

Question 5. The interest on the money borrowed by the partner from the partnership is

a. profit sharing allocation device

b. interest expense

c. other income