A Liquidation Differs from a Dissolution in That in a Liquidation

question 96

Multiple Choice

A liquidation differs from a dissolution in that in a liquidation

• A)the business will not continue.
• B)assets may be revalued.
• C)gains are distributed according to the partnership agreement.
• D)there may be an adjustment of partners' Capital accounts.

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Definitions:

Fecal

Pertaining to feces.

Heartburn

A burning sensation beneath the breastbone, usually associated with indigestion.

Laxative

A substance used to stimulate bowel movements, often used to treat constipation.

Vertex

The top of the head, the crown.