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A Is an Association of Two or More Persons to Carry

question 49

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A is an association of two or more persons to carry on, as co-- owners, a business for profit, where each owner owns a share of the business and is personally liable for the firm's profits or losses.


Definitions:

Unrealized Loss

A decrease in the value of an investment or asset that has not been sold, thus the loss has not been realized or converted into an actual loss.

Fair Value

The price at which an asset would be bought or sold in an orderly transaction between market participants at the measurement date.

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