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The Accounting term used to describe a partnership firm that stops operation and disposes its...

Accounts - Principles of Accounts
JAMB 2023

The Accounting term used to describe a partnership firm that stops operation and disposes its assets is

  • A. Amortization
  • B. Revaluation
  • C. Realization
  • D. Dissolution
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Correct Answer: Option D
Explanation

Dissolution of partnership is the process whereby a partnership is automatically dissolved or brought to an end by the happenings of any event which makes it unlawful to carry on the business.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts