1 the partner capital account is what type of account and, Ask an Expert

Accounting

1. The partner capital account is what type of account and what is the capital accounts normal balances?

A. Asset account , normal balance

B. Equity account, normal debit balance

C. Asset account , normal credit balance

D. Equity account, normal credit balance

2. On which financial statement in each partners capital account?

A. A balance sheet

B. income statement

C. Statement of retained earnings

D. cash flow statement

4. In a sole proprietorship the drawing account is similar to what account in a corporation?

A. capital account

B. retained earnings

C. dividends

D. Common stock

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797665

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