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Advanced Financial Accounting 2 points 23. Partnership accounting differs from corporate accounting...

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Accounting

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2 points 23. Partnership accounting differs from corporate accounting in which of the following ways? O Assets and liabilities are not categorized as either current or long-term O Accrual basis accounting is not permitted for partnerships O Partnerships must report all balance sheet items at their fair value instead of historical cost. O Distributions to the partners are not treated as dividends. 2 points 24. Which of the following statements is true concerning the distribution of safe payments? O Safe payments are equal to the recorded capital balances of partners with positive capital balances. The distribution of safe payments assumes that any capital deficit balances will prove to be a total loss to the partnership The distribution of safe payments may only be made after all liabilities have been paid There can be no advance distributions to the partners until the liquidation is complete

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