When a Partnership Is Dissolved by the Act of a Partner

question 37

Multiple Choice

When a partnership is dissolved by the act of a partner, notice:

• A) is not required.
• B) must be given to the other partners only.
• C) must be given to third persons only.
• D) must be given to both other partners and third persons.

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Definitions:

Ruble Receivable

An amount expected to be received denominated in Russian Rubles, typically from transactions or contracts.

Euro Payable

A liability or obligation denominated in euros payable to a creditor or supplier.

Foreign Currency

Currency used outside the issuing country, not the domestic currency of the company conducting the financial transactions.

Foreign Exchange Gain

A profit resulting from changes in the exchange rate between the currency in which a transaction is denominated and the home currency.