Partnership accounting: (3pts) Uses a capital account for each partner. Uses a withdrawal account for each partner. Allocates net income or net loss to each partner according to the partnership agreement. All of the above.

All of the above.

Explanation:

An organization where two or more individuals are involved as co-workers in known as partnership and the accounting principles followed in such an organization is called Partnership Accounting. Although basic principles of accounting are similar for partnership accounting and proprietorship account, there are also some difference. Following is a list of differences where Partnership accounting differs from Proprietorship accounting -

There are two or more than two owners.There is a voluntary association of two or more legally competent persons.Each owner is allocated a separate capital account.There are separate withdrawal or drawing account for each partner.When accounting period ends, the drawing accounts of each partner are closed  to their respective capital accounts.The net income or net loss to each partner is allocated separately according to the agreement.

From the above properties of the Partnership Accounting it is clear that among the options mentioned in the question, all are correct.

$527.7.if the following was the question  $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?