Question
Which of the following statements is not correct about the accounting for partnerships? A. Partnerships are required to issue financial statements that are prepared in
Which of the following statements is not correct about the accounting for partnerships?
A. Partnerships are required to issue financial statements that are prepared in conformity with GAAP
. B. Partnerships are not necessarily required to issue financial statements that are prepared in conformity with GAAP.
C. Partnerships don't have stockholders' equity like corporations do.
D. Partnerships are a legal entity and, as such, they must issue financial statements.
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Principles of Auditing and Other Assurance Services
Authors: Ray Whittington, Kurt Pany
19th edition
978-0077804770, 78025613, 77804775, 978-0078025617
