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Charactresstics of the partnership fom of business include. Limited life, mutual agency, voluntary association, and limited liability True False When a partnership is liquidated, its business can be continoued or ended. True False In thr partnership form of business, partners can agree to any method of dividing income or loss. True False In the partnership liquidation process, the remainang cash is distributed fo partners in accordance with the net incomer i lass agroement True False The receipt of the partners" initial investments is recorded at their book values not fair market value or agreed value. True False Partnership agreement or contract normally includes details such as the partners' names, contrbutions, and rights & duties of partners True False When allocating profit or loss in a partnership, partners must allocate profit or loss based on their capital balances: True False True Faise In recording cash paid by the compary to the wathdrawing partnet, the journal entry to include hesher capital account in credat and cash accourt is debt Irue Filse In liquidating a partnership, capital deficiency exists when all partners have a credit balance in their capital accounts. True False