Mention Two Advantages and Two Disadvantages of a Partnership

question 60

Essay

Mention two advantages and two disadvantages of a partnership.

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Definitions:

Cash

Currency and other liquid instruments that are used to conduct transactions or settle debts.

Accounts Receivable

Funds that customers owe to a company for products or services already provided but not yet compensated for.

Accounts Payable

A bookkeeping record indicating a business's duty to settle a short-term financial debt with its lenders or vendors.

Cash Flows

The inflows and outflows of cash and cash equivalents, representing the operational, investing, and financing activities of a business.