Which of the Following Statements About the Liquidation of a Partnership

question 12

Multiple Choice

Which of the following statements about the liquidation of a partnership is TRUE?

• A)The final cash distribution is always based on equal shares.
• B)The final cash distribution is based on the partners' capital account balances.
• C)Gains and losses from the disposal of assets are always distributed to the partner's capital accounts based on their respective percentage of total capital.
• D)The final cash distribution is always based on the profit sharing formula specified in the partnership agreement.

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Definitions:

Sleep Paralysis

A temporary inability to move or speak while falling asleep or upon waking, often accompanied by hallucinations.

Narcolepsy

Sleep disorder characterized by irresistible attacks of sleep plus (1) cataplexy or (2) recurrent intrusions of elements of rapid eye movement (REM) sleep into the transition between sleep and wakefulness.

Sleep Restriction

A method used in the treatment of insomnia, which involves limiting the amount of time spent in bed to the actual time spent sleeping to increase sleep efficiency.

Insomniacs

People who suffer from insomnia, a sleep disorder that makes it difficult for them to fall asleep, stay asleep, or causes them to wake up too early and not be able to go back to sleep.