Concept:A partnership dissolves only on valid legal grounds, and the end of an accounting year is not one of them.
Explanation:The expiration of a business year is a routine accounting event and does not bring a partnership to an end.
A partnership can continue indefinitely as long as the partners agree to carry on the business.
Dissolution may occur through mutual consent of the partners, completion or termination of the venture for which the partnership was formed, or continuous disagreement that makes the firm impossible to operate.
Since the mere close of a business year does not affect the existence of the partnership, it is not a condition for dissolution.
Answer:D. Expiration of a business year