1. when the partnership goes out of business and the normal operations are discontinued, the accounts should be adjusted and closed except the asset accounts. the liability accounts. the owners' equity accounts. all of these choices are correct.

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viky1420 viky1420

21-10-2022
Business

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1. when the partnership goes out of business and the normal operations are discontinued, the accounts should be adjusted and closed except the asset accounts. the liability accounts. the owners' equity accounts. all of these choices are correct.

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febyyyvaalentina febyyyvaalentina · Answer 1 · 2022-10-24T10:05:30-04:00

The accounts should be adjusted and closed are except the asset, contra asset, liability, and owners' equity accounts. So, the answer is all of these choices are correct.

A partnership can be defined as a form of business where two or more people share ownership, as well as the income or losses the business generates and the responsibility for managing the company. Partnership has several characteristic, such as sharing of losses and profits, mutual agency, Lawful business, Unlimited liability, and also Contractual relationship. Partnership also can be defined into 3 main categories, such as general partnership, limited liability partnership, and also limited partnership.

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