Dissolution Procedures - SS2 Accounting Past Questions and Answers - page 1

1

What should partners do before beginning the dissolution process?

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A

Review the partnership agreement

 

B

Notify stakeholders

C

Liquidate assets

D

File dissolution documents

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2

What is the first step in liquidating a partnership's assets?

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A

Notify stakeholders

 

B

Close accounts

C

File dissolution documents

D

Liquidate assets

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3

Which of the following is NOT a step in the dissolution process?

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A

Close accounts

B

Seek legal and financial advice

C

Hire new employees

D

Notify stakeholders

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4

What is the purpose of filing dissolution documents?

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A

To notify stakeholders

 

B

To distribute assets

C

To formally dissolve the partnership

D

To close accounts

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5

What should partners do if they are unsure about the dissolution process?

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A

Seek legal and financial advice

B

Liquidate assets

C

Notify stakeholders

 

D

Close accounts

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6

What is the role of the partnership agreement in the dissolution process?

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7

Why is it important for partners to seek legal and financial advice during the dissolution process?

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