Describe Horizontal Communication

question 20

Essay

Describe horizontal communication. Give an example of good horizontal communication.

---

Definitions:

Partnership Liquidation

The process of ending a partnership by selling off assets, paying off liabilities, and distributing the remaining assets to partners.

Creditor Claims

Rights of creditors to the assets of a debtor in the case of default, bankruptcy, or liquidation.

Joy Partner's Withdrawals

Distributions of assets from a partnership to one of its partners, typically for personal use.

Closed

In accounting, refers to accounts that have been zeroed out at the end of an accounting period to prepare them for the next period.