Examlex
Which of the following is the correct ordering if we want to rank the four spending shares of U.S. GDP in 2015 in descending (from highest to lowest) order?
Liquidation
The procedure of concluding a company's operations and allocating its resources among those who have claims.
Conservatism
An accounting principle that requires potential expenses and liabilities to be recognized immediately, but revenue only when it is ensured.
Chapter 7 Bankruptcy
A type of bankruptcy that involves the liquidation of a debtor's assets to repay creditors, under the U.S. Bankruptcy Code.
Free Assets
Assets that are not encumbered by any liens or claims, available to be used or sold freely by the owner.
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