When a New Partner Joins the Partnership,the Old Partnership Is

question 46

True/False

When a new partner joins the partnership,the old partnership is dissolved,the books are closed and a new partnership agreement is established.

---

Definitions:

Vendor's Invoice

An itemized bill provided by a supplier indicating the products or services provided, their quantities, and prices.

Inventory System

A method or software used by organizations to track inventory levels, orders, sales, and deliveries.

Physical Inventory

A process where a business counts its entire inventory by hand at a specific point in time to verify stock quantities.

Cost Flow Assumption

An accounting method used to value inventory and determine the cost of goods sold, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).