7) When a partnership is terminated, the assets are turned into cash, and obligations are paid. This process is called
D. None of the above
9)The accounting procedures for sole proprietorships are the same as for partnerships except
A. that the asset section includes more than one cash account.
B. for the liability section.
C. for the revenue section.
D. that the capital section is now divided per the number of partners.
10) Which of the following is an incorrect step in the process of partnership liquidation?
A. Paying any liabilities
B. Closing all accounts payable
C. Allocating gains and losses to partners
D. Selling the assets
7) Answer D – None of the above; 9) Answer C – for the revenue section; 10) Answer B – Closing all accounts payable.