The sale and distribution of the assets of a business on its termination is Group of answer choices a takeover. a breach of fiduciary duty. liquidation. dissolution.

Derecognition is the removal of all or part of a recognised asset or liability from an entity’s statement of financial position in accordance with the Conceptual Framework 2018. The above aim is to normally achieve derecognising via the following below statements: Which of the statements as mentioned below is NOT correct to achieve the above aim? 1)  Derecognizing any assets or liabilities transferred, consumed, collected, fulfilled or expired 2)  Derecognizing any resultant income or expense 3)  Recognizing any resultant income or expense 4)  Continuing to recognize assets or liabilities retained (2)

92. Which of the following is not a mode of extinguishment of contract of sale? Group of answer choices a. Redemption, whether legal redemption or conventional redemption b. Fulfilment of suspensive condition on sale of a determinate thing whose acquisition of ownership by the seller depends upon a contingency c. Resale of the goods by the unpaid seller d. Cancellation of sale of personal property in instalments by the seller in case the buyer defaulted in at least two instalments

What does it take for a redemption to be qualified as the results of a partial liquidation?

A company should record an asset called "Goodwill" when it purchases another company for an amount that exceeds the fair value of the other company's identifiable net assets. Select one: True False

Which of the following is not a trustee's role in the bankruptcy? A. Sets aside property a debtor may keep B. Takes possession of debtor’s property and has it appraised C. Examines creditor claims, objecting if necessary D. Buddles unsecured property from the secured and otherwise exempt property

When should a transfer of receivables be recorded as a sale?  A) The buyer surrenders controlof the receivables to the seller. B) The transferor maintains effective control over the transferred assets through an agreement to repurchase or redeeem them prior to their maturity. C) The transferee cannot pledge or exchange the transferred assets.  D) The transferred asstes are isolated from the transferor.

Which of the following statements regarding the accounting for business combinations is false? Review Later The acquirer in a business combination will anly recognize the labilities assumed if they meet the definition of liabilities and are part of the business combination transaction. Under the acquisition method, the identifiable assets acquired during a business combination are measured at their acquisition- date fair values. Goodwill is the difference between the consideration transferred by the acquirer to the acquiree and the fair value of identifiable assets acquired. The identifiable assets acquired, liabilities assumed, and noncontrolling interest in the acquiree are recognized separately from the goodwill arising out of a business combination.

Individuals who believe they relied on misstated financial statements to make a decision andhave suffered losses as a result will issue an action known as aa. Breach of contract.b. Tort.c. Securities litigation.d. Constructive fraud.

Define bankruptcy costs