Which of the following describes the result of a Chapter 7 filing?
a. "a complete liquidation or shutting down of the business"
b. "courts give debtor time to reorganize"
c. "2 years probation and/or up to 300 hours community service"
d. "Debtors make regular payments for a number of years"
a
FEEDBACK: a. Correct. Under Chapter 7, the bankruptcy involves a complete sale or liquidation of all assets and the proceeds are used to pay creditors.
b. Incorrect.
c. Incorrect.
d. Incorrect.
You might also like to view...
Rebates are rarely used in auto industry
Indicate whether the statement is true or false
The ________ sphere is the number of channel levels, from raw materials to final product and distribution, in which a company will participate
A) industry B) vertical C) product/application D) competence E) market segment
The first step in the accounting record-keeping process is:
a. recording each transaction in a file or other record in the form of a journal entry. b. posting the amounts from the journal entries to individual balance sheet and income statement accounts in a general ledger. c. making adjusting journal entries to the accounts to correct errors and to reflect the financial statement impacts of items that occur because of usage or the passage of time. d. preparing the income statement for the period from amounts in the income statement accounts. e. preparing the balance sheet from amounts in the balance sheet accounts.
Which statement is true of agents and brokers?
A. They take title to the goods and services they market. B. They represent manufacturers' products to potential customers. C. They often determine the terms of the sale. D. They get the same fee, regardless of sales volume.