Lecture_Partnership Liquidation_Lump-Sum

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4 Terms

1
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Lump Sum Liquidation

All non-cash assets are realized and all liabilities are settled before a single final cash distribution is made to the partners.

2
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Going Concern Concept

Assumes business will continue operating indefinitely.

3
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Quitting Concern Concept

Assumes business is ceasing operations; liquidation statements used.

4
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