TB $11-38$ Which of the following is correct as it rela...

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

Multiple Choice

None of these choices are correct

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

Partners are employees of the partnership

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

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