When a debtor files a bankruptcy petition, the creditor may be relieved from an automatic stay on his actions against the debtor if:
A. the debtor files a plan of reorganization that has a reasonable chance of being confirmed.
B. the creditor can show that the stay jeopardizes his interest in certain property.
C. the creditor can show that the bankruptcy petition does not give adequate protection to the debtor.
D. his actions are aimed at obtaining possession of the debtor's property.
Answer: B
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Assume the direct method is used to compute net cash flows from operating activities. For this item extracted from the financial statements-Decrease in Inventory-indicate the effect on cash payments for purchases by choosing one of the following:
A) Add to Cost of Goods Sold to compute cash payments for purchases. B) Subtract from Cost of Goods Sold to compute cash payments for purchases. C) Not used to adjust Cost of Goods Sold to compute cash payments for purchases.
Donner Company is selling a piece of land adjacent to their business. An appraisal reported the market value of the land to be $120,000. The Focus Company initially offered to buy the land for $107,000. The companies settled on a purchase price of $115,000. On the same day, another piece of land on the same block sold for $122,000. Under the cost concept, what is the amount that will be used to
record this transaction in the accounting records? A) $107,000 B) $115,000 C) $120,000 D) $122,000
Only movable goods come under the scope of Article 2 of the UCC
Indicate whether the statement is true or false
Soft capital rationing is imposed by external factors, such as debt covenants.
Answer the following statement true (T) or false (F)