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Questions and Answers
The accounting system aims to measure the results of the business of the establishment or company for a period exceeding the financial year.
The accounting system aims to measure the results of the business of the establishment or company for a period exceeding the financial year.
False
A net loss is transferred to a new account recorded in the general journal.
A net loss is transferred to a new account recorded in the general journal.
True
Partner withdrawals do not affect the profit and loss distribution.
Partner withdrawals do not affect the profit and loss distribution.
False
The partner's capital interest is not calculated.
The partner's capital interest is not calculated.
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Partners' loans do not affect the profit and loss distribution.
Partners' loans do not affect the profit and loss distribution.
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Interest on withdrawals is not calculated.
Interest on withdrawals is not calculated.
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The partner's current account is not affected by withdrawals.
The partner's current account is not affected by withdrawals.
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Capital contributions do not affect the profit and loss distribution.
Capital contributions do not affect the profit and loss distribution.
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The profit and loss distribution is not affected by financial transactions between partners and the company.
The profit and loss distribution is not affected by financial transactions between partners and the company.
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The accounting treatment for the distribution of profits and losses is not a part of partnership accounting.
The accounting treatment for the distribution of profits and losses is not a part of partnership accounting.
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