Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 14 - No. 28)
What is the meaning of 'profit appropriation' in a partnership?
The distribution of profits among the partners.
The process of allocating profits or losses as per the agreement.
The recording of the partnership's revenues and expenses.
The calculation of the partnership's net profit.
Explanation
Profit appropriation refers to allocating profits among the partners according to the partnership agreement.
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