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ACC - Characteristics of a Partnership




Question;In the accounting principles, what are the 5 characteristics of a partnership? Be detailed in your descriptions of each characteristic. Provide examples when appropriate. Also, as part of your descriptions, identify how each characteristic makes a partnership different from a sole proprietorship.Accounting Principles: When a partner withdraws from a partnership, why would the partnership revalue its assets? Why would the withdrawing partner take more or less than book equity? Please provide detailed responses.


Paper#38632 | Written in 18-Jul-2015

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