Whenever a Partner Mix in a Partnership Changes,the Old Partnership

question 146

True/False

Whenever a partner mix in a partnership changes,the old partnership ceases to exist and a new partnership begins.

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Definitions:

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.

Close Account Year-End

The process of updating account balances and summarizing a company's financial activities to prepare for the next accounting period.

Interest Revenue

Income earned from lending funds or through investing in interest-bearing financial instruments.