Bankruptcy:
a. may not be forced upon a debtor by a creditor
b. relieves a debtor of legal responsibility for all debts c. cannot be declared by corporations
d. entitles all creditors to share equally e. none of the other choices
e
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How would bank service charges be dealt with in a bank reconciliation?
a. added to company's book balance b. deducted from company's book balance c. added to bank statement balance d. deducted from bank statement balance
When a company records the cost of cutting down timber for example this cost is deemed to be :
a. exploration cost. b. asset retirement obligation. c. development cost. d. depletion cost.
According to the gap-filling rule, if a sales contract does not contain a specific price, ________
A) the contract has to be redrafted to include a price B) the contract is considered void due to indefiniteness C) the contract can be enforced by either party by fixing an open term price D) the contract cannot be enforced upon the buyee
In a Chapter 11 case, the debtor usually continues to operate the business as a
debtor-in-possession. Indicate whether the statement is true or false