All Property Available for the Payment of Debts Said to Be

question 31

Multiple Choice

All property available for the payment of debts said to be his or her __________.

• A) credits
• B) debits
• C) assets
• D) liabilities

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Definitions:

Control

The ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset.

Contingent Liability

A potential obligation that may arise depending on the outcome of an uncertain future event, which is not confirmed at the date of the financial statements.

Fair Value

What would be pocketed from an asset sale or the price to offload a liability during a methodical engagement with market individuals on the day of measurement.

Present Obligation

A duty or responsibility to act or perform in a certain way.