For Two Years After a Partner Dissociates from a Continuing

question 43

True/False

For two years after a partner dissociates from a continuing partnership, the partnership may be bound by the acts of the dissociated partner.

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Definitions:

Account Numbers

Unique identifiers assigned to individual accounts within a company's accounting system, facilitating organization and tracking of financial transactions.

Ledger

A book or other collection of financial accounts of a particular type, often the final record where data from journals is compiled.

Journal

A book or electronic record where all financial transactions of a business are initially recorded, often before posting to ledgers.

Chronological Record

An organized account of events, transactions, or entries in the order they occurred over time.