tatemernt 1 : In the case of corporate liquidation, stockholders must be paid first followed by the creditos Statement 2: Unsecured creditors with priority will not always receive 100% of their claim.
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Statemernt 1 : In the case of corporate liquidation, stockholders must be paid first followed by the creditos
Statement 2: Unsecured creditors with priority will not always receive 100% of their claim.
O Both statements are incorrect
O Only Statementlis correct
Only Statement Il is correct
Both staterments are correct
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- Directions: Please select the appropriate answer on the statement below;B - If the statement is trueS - When the statement is false or part of the statement is false Equity is the residual interest in the company's assets after deducting all liabilitiesIf a company has declared bankruptcy, its financial statements likely violate: Multiple Choice O O O O The stable monetary unit assumption. The fair value measurement approach. The going concern assumption. The present value measurement approach.23) What is owner's equity?A) What a company owesB) What remains after the liabilities are satisfiedC) What a company ownsD) None of the choices are correct Group of answer choices A B C D
- 2. Which of the following statement is correct about the statement of affairs? I. Net free assets are the excess of liquidation value of assets pledged to fully secured creditors over the amount of fully secured liabilities plus free assets less unsecured liabilities with priority. II. The estimated deficiency to unsecured creditors is total unsecured liabilities less total Net free assets III.Total unsecured liabilities includes unsecured liability with priority [A] I only [B] I and II only [C] II and III only [D] I, II and III 3. S1: For a joint venture, rights pertains to the rights and obligations associated with individual assets and liabilities, whereas with a joint the right operation, the rights and obligations pertains to the net assets. S2: Where the joint operators have designed the joint arrangement so that its activities primarily aim to provide the parties with an output it will be classified as joint venture. [A]Both statements are correct [B]Both statements are…8. The business files for bankruptcy when it is not in the A. going concern Principle matching principle materiality principle monetary unit principle В. С. D.Creditors look for Select one: a. Net working capital for their safety b. Balance net working capital for their safety c. None of the options d. High net working capital for their safety e. Less net working capital for their safety
- In case of bankruptcy of a company, who will get their money back only after all debts are repaid? a. Suppliers O b. Bond holders O c. None of these O d. CreditorsDon’t answer if you not 100% sure , Do not provide AI generated answer It is wrong 36 In accordance with IAS 32 Financial Instruments: Presentation, which of the following describes an equity instrument? • A contractual obligation to deliver cash or another financial asset to another entity • A contract which is evidence of a residual interest in the assets of an entity after deducting all of its liabilities • A contractual right to exchange financial instruments with another entity under potentially favourable conditions • A contract which gives rise to both a financial asset of one entity and a financial liability of anotherI. No entry is required on date of declaration. II. Dividends declared is closed to the retained earnings because it is a temporary account of retained earnings. * O a. Only first statement is true O b. Only second statement is true O c. Both statement are true O d. Both statement are false
- 4. Which of the following items will appear in the statement of changes in equity? a. Extraordinary loss b. Write-off of goodwill c. Transaction instruments d. Transaction costs directly related to issuance of equity instruments costs directly related to issuance of debtAccounts futo Persoual, Nomeval Classify the followiny Real VAIC O Accountis payable Goodwill Reut prepaid ☺ Depricátion. StockWhen using the allowance method, failure to record bad debt expense would have what effect on the accounting equation?: Assets Liabilities Stockholder's Equity A. No Effect No Effect No Effect В. Overstated No Effect Overstated С. Understated No Effect Understated D. Overstated Overstated Overstated Е. No Effect Understated Overstated Which of the following statements is FALSE?