Which statement is true concerning the sharing of income in a partnership? (Points : 1)...
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Accounting
Which statement is true concerning the sharing of income in a partnership? (Points : 1) The Revised Uniform Partnership requires a partnership to specify a different sharing rule for losses than for profits. A partnership agreement specifying unequal sharing of profits takes precedence over the specifications of the Revised Uniform Partnership Act. The Revised Uniform Partnership Act is silent regarding income sharing; the partnership agreement is required to specify an income sharing rule. The Revised Uniform Partnership Act requires that partners share partnership income equally.
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