1. The partner capital account is what type of account and what is the capital a

Question

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

Explanation / Answer

1. D. Equity account, normal credit balance

2. A. A balance sheet

4. A. capital account

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