While Liquidating a Partnership,the Cash Remaining After Paying All Liabilities

question 85

True/False

While liquidating a partnership,the cash remaining after paying all liabilities is paid to the partners based on their profit-and-loss-sharing agreement.

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Definitions:

Thoracic

Relating to the thorax, the part of the body between the neck and the abdomen, which houses the heart and lungs among other organs.

Abdominal Organs

Vital organs located within the abdomen including the stomach, liver, gallbladder, pancreas, intestines, and kidneys.

Hypoglossal

Relating to the hypoglossal nerve, which controls the muscles of the tongue.

Accessory

An accessory refers to an additional item or part that contributes to the effectiveness or functionality of a primary object or system.