When a partnership is terminated, the assets are turned into cash and obligations are paid. This process is called:
A) dissolution.
B) termination.
C) liquidation.
D) None of the above

Question

Quizplus · Accepted Answer

Liquidation is the process where a partnership's assets are converted into cash to pay off any liabilities before the remaining amounts are distributed among the partners, marking the end of the partnership's business operations.

When a Partnership Is Terminated, the Assets Are Turned into Cash