Which one of the following statements is incorrect related to the liquidation of the company? 1. Liquidation shall be effected by all the partners 2. Liquidation is processed by an appointed liquidator 3. Two or more liquidators cannot be appointed to act jointly 4. Liquidator appointment need not be as per constitutive documents.

Q: Under a corporate liquidation, all unsecured creditors have an equal right to claim available assets…

A: Right to claim available assets of the corporation. 1, Debenture holders 2.Presference creditors 3.…

Q: a. All statements are correct b. Only S2 is incorrect c. Only S3 is incorrect d. All statements are…

A: Here discuss about three important factors of insurance business such as proportional reinsurance,…

Q: The statement of realization and liquidation reports the actual results of a liquidation whereas a…

A: The answer is True Refer step 2 for explanation

Q: The built-in loss limitation in a complete liquidation does not apply to losses attributable to…

A: The built-in loss refers to the amount of cost incurred being more than the total revenue earned…

Q: Statement I: In the absence of stipulation, the share of each partner in the profits and losses…

A: when partners agree to share profit and losses as well as share reward this is the case of…

Q: This resells when a partner dies and the remaining partners decide to terminate the business. a.…

A: Dissolution of partnership means a process by which the relationship between the partners is…

Q: ) Which of the following statement is not correct about a sole trader business? option: A. sole…

A: A sole trader refers to a person who is the only owner of the business or do not have any partner…

Q: A bankruptcy court enters an order for relief. How does this action affect an insolvent company and…

A: Bankruptcy:   Bankruptcy is the elimination of different types of debts. The acceptance of…

Q: Which of the following statements is CORRECT? O a. In a limited partnership, the limited partners…

A: Partnership accounting involves the financial recording and reporting of business transactions for a…

Q: he legal representatives of the deceased partner are entitled to receive: O a. May receive notice to…

A: Partnership is an agreement between two or more persons in which they invest capital, run business…

Q: 2.Gains and losses resulting from intercompany transactions between an investor and an associate are…

A: As per IAS 28 Gains and losses resulting from intercompany transactions between an investor and an…

Q: e causes of partnership liquidation? e types of liquidation? Differentiate one from the ofher. e…

A: Liquidate implies a legal closing down by a liquidator however it happens when there are still…

Q: In determining whether a company needs to use the liquidation basis of accounting, how does the…

A: Business liquidation: The business ends to operate, its balance assets are sold and the sale…

Q: During a liquidation, in what instance when cash may be distributed to any of the other partners?

A: When two or more persons join their hands for one business that is known as partnership.

Q: 2. A company is where the members guarantee the payment of certain (usually nominal) amounts if the…

A: An group of persons who donate money or money's worth to a common fund and use it for a purpose is…

Q: A trustee-in-bankruptcy is selected by the company board of directors. True False

A: A trustee-in-bankruptcy is a person who represents a debtor's estate in a bankruptcy proceeding. He…

Q: 20. Which of the following does not discharge a contract by operation of law? A - Bankruptcy B -…

A: Contract is referred as the legal enforceable agreement, which helps in creating, defining, and also…

Q: 46. The allocation of owner's private expenses to his/her business violates which of the following?…

A: Accounting principles means the fundamental upon which the whole accounting is based. Every entity…

Q: Assess the truth of this statement: For a partnership entity, the income statement format is the…

A:

Q: Assess the truth of this statement: The day-by-day transactions of a partnership are recorded in…

A: A partnership is a form of business where two or more partners are agreed to carry a business and…

Q: If a company is not required to follow U.S. GAAP, a statement of realization and liquidation can be…

A:

Q: Which of the following statements regarding a limited liability company (LLC) is false? O A. An LLC…

A: The question asks us to identify the false statement related to a limited liability company (LLC),…

Q: n stock of Laser Company   $1,350,000 Investment in debt securities of FourSquare Company…

A: Journal entries refer to the process of systematic documentation of the financial transactions of a…

Q: Which of the following will have the first claim on assets when the bankruptcy occurs   Select…

A: Preferred Stockholders are those stockholders which receive fixed dividend every year without having…

Q: Which of the following forms of business organization formats does not offer at least some liability…

A: Proprietorship, general partnership, limited liability company (LLC), and corporation are all forms…

Q: What is the nature of the SEC guidance concerning the reporting of LIFO liquidations?

A:

Q: on 4 Which of the following Is not a reason for the dissolution by the court? at ared O a The…

A: Since there are multiple questions, we will solve only first for you. To get the remaining questions…

Q: When a company undergoes liquidation, the order of preference in which creditors are paid is…

A: When a company goes into liquidation, its assets are sold off to repay creditors. However, not all…

Q: can appraisal rights be denied? can a shareholder ask for legal actions if his/her appraisal right…

A: Appraisal rights refer to the right of a dissenting shareholder in the case of a merger or…

Q: None

A: Approach to solving the question: Analyze the question. Detailed explanation:Piecemeal liquidation…

Q: Pretzel acts as a sponsor in creating a special purpose entity (SPE) that will purchase Accounts…

A: Variable interest entity is a term used when an investor has controlling interest in the entity…

Q: Statement I: If an agent acts in his name, the principal shall have a right of action against the…

A: An accumulation of funds set aside for a specific goal is called a fund. A fund may be established…

Q: Which of the following statements regarding bankruptcy is not true? A. Companies can be forced into…

A: Solution : Following statement regarding bankruptcy is true: 1. Companies can be forced into…

Q: In a bankruptcy liquidation, what actions does the trustee perform?

A: Trustee is appointed by court for preventing any of the loss and preserving assets which could be…

Q: When a corporation is dissolved voluntarily, no winding up of the business is necessary. True False

A: Winding up of company actually means that assets of the company is sold out by liquidator and…

Q: What is a cram down?a. An agreement about the total amount of money to be reserved to pay creditors…

A: Answer:   Option b.

Q: Statement I: If there is co-ownership and one of t he co-owners is the insolvent debtor, his…

A: Co-ownership means when the property, asset, or vehicle is owned by one or more owners…