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Which of the following is the reason to not revalue partnership assets at the date a new partner is admitted to the partnership? A. There has been a change in the ownership B. The partnership has not ceased operations C. All three are reasons to not revalue partnership assets at the date of new partner's admission D. A new legal entity exists

Which of the following is the reason to not revalue partnership assets at the date a new partner is admitted to the partnership? A. There has been a change in the ownership B. The partnership has not ceased operations C. All three are reasons to not revalue partnership assets at the date of new partner's admission D. A new legal entity exists

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following is the reason to not revalue partnership assets at the date a new partner is admitted to the partnership?

A. There has been a change in the ownership

B. The partnership has not ceased operations

C. All three are reasons to not revalue partnership assets at the date of new partner's admission

D. A new legal entity exists

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