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

question 84

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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Definitions:

Couple Relationships

The dynamic and interpersonal connection between two individuals in a romantic or conjugal partnership.

Family Relationships

The connections and interactions between members of a family, influencing the dynamics of family life.

Experiential Family Practice Models

Therapeutic approaches emphasizing practical, participatory learning within family therapy, focusing on the family's lived experiences and interactions.

Family Restructuring

The process of altering the family's structure, roles, or dynamics to improve functionality and relationships.