Partnership Accounts Chapter 1 Quiz

To manage the inventory of the partnership business

To record the financial transactions of a partnership business (correct)

To calculate the company's total revenue

To keep track of individual partner's personal expenses

The total sales revenue of the business

The amount of money owed to creditors

The cost of goods sold by the business

The money invested by partners in the business (correct)

To manage the company's payroll system

To record the personal expenses of each partner

To calculate the total revenue of the business

To distribute profits or losses among partners (correct)

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