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What is the impact of depreciation on the final accounts of a partnership?
What is the impact of depreciation on the final accounts of a partnership?
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Practice Questions
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Q1
What is the impact of depreciation on the final accounts of a partnership?
Increases net income
Decreases net income
No impact on net income
Increases total assets
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Depreciation is an expense that reduces the net income of the partnership in the final accounts.
Questions & Step-by-step Solutions
1 item
Q
Q: What is the impact of depreciation on the final accounts of a partnership?
Solution:
Depreciation is an expense that reduces the net income of the partnership in the final accounts.
Steps: 5
Show Steps
Step 1: Understand what depreciation is. It is the reduction in value of an asset over time.
Step 2: Recognize that depreciation is considered an expense for the partnership.
Step 3: Know that expenses reduce the total income of the partnership.
Step 4: Realize that when net income is reduced, it affects the final accounts, such as the income statement.
Step 5: Understand that lower net income can also impact how profits are distributed among partners.
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