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At your first job after graduation, you start working for a local CPA firm. The firm's partner mentions that partnerships are often not accounted for...

At your first job after graduation, you start working for a local CPA firm. The firm’s partner mentions that partnerships are often not accounted for under accrual accounting. You are surprised, since you assumed that all entities are accounted for under accrual accounting in accordance with GAAP. Please comment on the partner’s remarks in detail. Is he correct? Explain.
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Partnership business is the form of business organization which is entered between two or more
persons to share profits and costs in the ratio specified in agreement, if not specified then the...

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