How is a general partnership organized? only one partner is responsible for the debts of the partnership. no partner is responsible for the debts of the partnership beyond his or her investment. every partner shares equally in both responsibility and liability. the doctors, lawyers, or accountants who form a general partnership hire others to run the partnership. description?

Regarding the flow of costs through the inventory accounts, which of the following statements is incorrect? a. the costs flow from raw materials inventory to work-in-process inventory to finished goods inventory. b. the format for computing the amount used, manufactured, or sold is the same for all three inventory accounts. c. the final amount at each stage is added at the beginning of the next stage. d. purchases of raw material and freight in are debited to the work-in-process inventory account.