Problem $14-2($static$)($LO $14-1)$

How aneminesthp accounting differ from corporate accounting?

Minthple Chorce

Portnerships report all assets at fair value as of the latest balance sheet date.

Revenues are recognized at a different time by a partnership than is appropriate for a corporation.

The matching principle is not considered appropriate for parthership accounting.

Individual capital accounts replace the contributed capital and retained earnings balances found in corporate accounting.