When a partnership terminates business the sale of noncash assets is called

Name: When a partnership terminates business the sale of noncash assets is called
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The sale of noncash assets when a partnership terminates business is called realization. Liquidation refers to the process of settling all debts and distributing remaining assets, recognition refers to accounting for assets and liabilities on financial statements, and disposition refers to the process of transferring ownership of an asset.

When a Partnership Terminates Business the Sale of Noncash Assets