A Partnership-------- Occurs When the Partnership's Assets Are Sold, Debts

question 46

Short Answer

A partnership-------- occurs when the partnership's assets are sold, debts are paid off, and the remaining cash is distributed to the partners.

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Definitions:

Employer's Promise

An assurance or guarantee given by an employer to an employee, outlining specific commitments regarding job security, working conditions, or benefits.

Bonus

Additional compensation given to employees as a reward for their performance or as an incentive.

Bilateral Contract

A legal agreement in which each of the parties to the contract makes a promise to the other or undertakes a certain obligation.

Unilateral Contract

An agreement where one party makes a promise, but the other side does not reciprocate with a promise but with an action.