Circle the best answer for the following MCQs Question 1 2345 CLO 1. Partners' commissions are a(n) for the firm a. profit b. loss c. receipt d. income 2. In a partnership business, interest on drawings is a. debited to the partner's current account. b. credited to the partner's current account C. not shown in the current account. d. debited to the profit and loss appropriation account. 3. The time frame associated with a balance sheet is a. a one-year past period of time b. a single date in the future c, a point in time in the past d. a two-year comparative period of time Which of the following is not an asset? a. motor vehicle b. loan to buy equipment C. accounts receivable d. computer 4. 5. Closing stock is a(n) a. asset b. liability c, expense d. revenue 2