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    Accounting Study Set 4
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    Exam 12: Accounting for Partnerships and Limited Liability Companies
  5. Question
    A Partnership's Asset Accounts Should Be Changed from Cost to Fair
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A Partnership's Asset Accounts Should Be Changed from Cost to Fair

Question 92

Question 92

True/False

A partnership's asset accounts should be changed from cost to fair market value when a new partner is admitted to a firm or an existing partner withdraws or dies.

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