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When a Partnership Is Liquidated,the Assets Are Sold for Market

question 90

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When a partnership is liquidated,the assets are sold for market value and the gains and losses distributed appropriately to the partners' capital accounts.The final cash distribution should be split according to the specified distribution of profits and losses as stated in the partnership agreement.


Definitions:

Fiber

A type of medium or Internet connection that carries data using light.

Coaxial

A type of cabling used in video connections that has a copper core surrounded by insulation and shielding to protect against EMI.

STP (Shielded Twisted Pair)

Network cable with extra foil to prevent outside noise from interfering with data on the cable.

Loopback Plug

A device used to test the ports of a computer by plugging it into a port and sending signals through it, verifying the operation and responsiveness of the port by looping the signal back to the source.

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