Post Utme Redeemers University 2018 Accounting Question 27

Practice objective / multiple choice question 27 from the 2018 Post Utme Redeemers University Accounting examination.

Post Utme Redeemers University 2018 Accounting Objective / Multiple Choice
Question 27 POST_UTME_REDEEMERS_UNIVERSITY • 2018 • ACCOUNTING • objective

In a partnership, the capital accounts of the partners are initially credited with their respective contributions. What is the primary purpose of this initial credit?

Answer Options

Correct Answer A. To record the initial investment of the partners
B. To recognize the profit or loss of the partners
C. To allocate the ownership percentage of the partners
D. To account for the withdrawal of the partners
Correct Answer
A
Correct Option:
To record the initial investment of the partners

About This Question

This is Post Utme Redeemers University 2018 Accounting Question 27. It is one of the objective questions from the 2018 Post Utme Redeemers University Accounting examination.

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