Which of the Following Is NOT a Necessary Action That

question 10

Multiple Choice

Which of the following is NOT a necessary action that the partnership must take upon the death of a partner?

• A) Determine the profit or loss for the year to date.
• B) Discontinue business operations.
• C) Close the books.
• D) Prepare financial statements.

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Definitions:

Prudential

A financial services brand known for insurance, investment management, and other financial products and services.

Life Insurance

A contract between an insurer and a policyholder, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.

Carbon Monoxide

A colorless, odorless, and toxic gas produced by incomplete combustion of carbon-containing materials.

First Alert

A notification system or warning that is given as soon as an issue or emergency is detected, often used in safety and security contexts.