8. Which statement relating to financial reports for a partnership is not true? 2. Partners' salaries are normally treated as an allocation of profit. Income tax expense is deducted from the partnership profit at the end of the income statement. Each individual partner's equity in the business is reported separately. d. Interest on capital contributions is treated as an allocation of profits. Type your answer here: 9. How many of these are areas where there are major differences in accounting treatment by sole traders and partnerships and accounting treatment by companies? Distributions to owners Accumulation of profits - Accounting for income tax Accounting for equity Accounting for GST Accounting for inventory 5 d. 6