Which of the Following Is True of a Liquidation of a Partnership

question 98

Multiple Choice

Which of the following is true of a liquidation of a partnership?

• A)It allocates the gain or loss on sale of assets to the partners' capital accounts based on the profit-and-loss-sharing ratio.
• B)The remaining cash after paying all liabilities are paid to the partners based on their profit-and-loss-sharing agreement.
• C)Before a business is liquidated,its books should not be adjusted or closed.
• D)It involves the selling of short-term liquid assets and does not involve the sale of fixed assets.

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