Compare the various types of bankruptcy filings
What will be an ideal response?
Answers should include the following:
Chapter 7, liquidation, debtor's assets are sold, money is used to pay creditors
Chapter 13, adjustment of debts, rehabilitation, court supervises the repayment of debt by installment
Chapter 11, reorganization
Chapter 13, family farmer and family fisherman bankruptcy
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Answer the following statements true (T) or false (F)
1. When there are no units in the beginning Finished Goods Inventory and the units produced are more than the units sold, the operating income will be higher under variable costing than absorption costing. 2. Under variable costing, the units in the beginning Finished Goods Inventory contain fixed manufacturing overhead costs. 3. In variable costing, all fixed manufacturing overhead costs are expensed in the period incurred. 4. In absorption costing, the manufacturing costs expensed are greater than the amount expensed in variable costing when units produced are less than sold because the units in beginning inventory under absorption costing were assigned a greater cost in the previous accounting period. 5. When more units are sold than produced, operating income is less under absorption costing than variable costing.
Six months before filing for bankruptcy, Shirley sold her new car to her brother for $100 so that her creditors could not claim it. The market value of the car was $8,000 at the time of the sale. Under these circumstances, the transfer is ________.
A. voidable by the trustee because Shirley did not receive fair consideration for this transfer B. voidable by the creditors because it was done with intent to defraud the creditors C. not voidable because the transfer occurred between two relatives D. not voidable by the trustee because the transfer occurred 6 months before Shirley filed her bankruptcy petition
Turnover is inversely related to the costs of trading stocks because
A) high trading costs cause investors to trade more. B) low trading costs cause investors not to trade. C) high trading costs cause investors to trade less. D) low trading costs cause investors not to trade more.
The new UCC rule for additional terms in acceptance is "terms later"
Indicate whether the statement is true or false