Q,Which of the following is correct as it relates to the partnership form of organization and its accounting?

Multiple Choice

1.amounts that partners withdraw from the partnership assets are expenses on the income statement

2.Partners are employees of the partnership

3.Accounting for a partnership is the same as accounting for a proprietorship except for transactions directly affecting equity.

4.None of these choices are correct

5.Amounts that partners withdraw from the partnership are recorded by crediting the partner's withdrawals account