When a Partnership Is Liquidated,which of the Following Is Not

question 55

Multiple Choice

When a partnership is liquidated,which of the following is not true?

• A)Noncash assets are converted to cash.
• B)Any gain or loss on liquidation is allocated to the partners' capital accounts using the income and loss sharing ratio.
• C)Liabilities are paid or settled.
• D)Any remaining cash is distributed to the partners based on their capital balances.
• E)Any remaining cash is distributed to partners in accordance with the income- and loss-sharing ratio.

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Definitions:

Sales Training

A program or process that aims to enhance the skills, techniques, and strategies of sales professionals to improve their performance and achieve sales goals.

Financial Outlay

The total amount of money that is spent on a particular investment, project, or enterprise.

Inside Order Taker

A salesperson who takes customer orders via phone, email, or online, typically working from the inside of an organization rather than engaging in field sales.

Checkout Counter

The area in a store where customers pay for their purchases, typically equipped with a cash register or payment terminal.