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QUESTION
Which of the following statements is false concerning the partnership Schedule of Liquidation ?
- falseSchedule of Liquidation
- A. Liquidations may take a considerable length of time to complete.
- B. Frequent reporting by the accountant is rarely necessary.
- C. The Schedule of Liquidation provides a listing of transactions to date, current cash, and capital balances.
- D. The Schedule of Liquidation provides a listing of property still held by the partnership as well as liabilities remaining unpaid.
- E. The Schedule of Liquidation keeps creditors and partners apprised of the results of the process of dissolution.
