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Which is not expense of a partnership in determining profit

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Reference no: EM132864697

Problem 1: A partner's share of profit is recognized in the accounts through

A. accrual entries

B. correcting entries

C. closing entries

D. adjusting entries

Problem 2: Which of these is not an expense of a partnership in determining profit for the period?

A. Supplies used

B. Expired insurance

C. Salary allowance to partners

D. Rent used

Problem 3: If the salary allowances to partners exceed the net income of the partnership, the

A. difference must be distributed equally.

B. salary allowances are no longer allowed.

C. partnership must be terminated.

D. difference is usually distributed based on their profit and loss ratio.

Reference no: EM132864697

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