When a Partner Withdraws from a Partnership,an Audit Might Be

question 71

True/False

When a partner withdraws from a partnership,an audit might be performed and the assets reappraised.

---

Definitions:

Criminally Liable

The legal responsibility one holds for committing a crime, subjecting them to criminal prosecution and penalties.

Vicarious Liability

A legal principle where an individual or entity is held responsible for the actions or omissions of another person, typically in employment situations.

Scope of Employment

Refers to the range of activities and duties that an employee is expected to perform as part of their job.

Undisclosed Principal

A party in a contract whose identity is unknown to the third party at the time the contract is made.