In simple liquidation no cash should be distributed to partners until all gains and losses are realized Select one: True False The financial statements of a partnership a similar to those of a proprietorship. Select one: True False Question 4 Not yet answered Marked out of 1.50 Flag question The distribution of cash to partners in a partnership liquidation is always made based on the partners' income sharing ratio Select one: True False Question 8 Not yet answered Marked out of 1.50 Flag question In an admission of a partner by investment of assets, the total net assets and total capital of the partnership do not change. Select one: True False Question 6 Not yet answered Marked out of 1.50 Flag question credit side of journal entry for formation partnership is partners capital account Select one: True False Question 7 Not yet answered Marked out of 1.50 Flag question The liquidation of a partnership means that a new partner has been admitted to the partnership. Select one: True False Question 9 Not yet answered Marked out of 1.50 Flag question The distribution of cash to partners in a partnership liquidation is made based on the partners' income sharing ratio Select one: True False