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Which the process of terminating the business

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Reference no: EM132796142

problem 1. The process of terminating the business, selling the assets, paying the liabilities, and disbursing the remaining cash to the partners is called

a. Dissolution
b. Formation of the partnership
c. Withdrawal
d. liquidation
e. answer not given

problem 2. The first priority for the distribution of partnership's cash in case of liquidation would be:

a. Outside creditors
b. Loans payable to partner
c. Partner's capital
d. Any of a, b, or c
e. Answer not given

Reference no: EM132796142

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