The Dolly Company Began the Period with No Units in Process

question 79

Multiple Choice

The Dolly Company began the period with no units in process and in Finished Goods Inventory.During the period they began 96,000 units and completed 80,000 units.If equivalent units for the period totalled 90,000, then the units in process were what percent complete? (rounded)

• A)62.5%
• B)83.3%
• C)88.9%
• D)75%

Identify the powers and responsibilities of a liquidator during the liquidation process.

Understand the classification of creditors and the order of priority in debt repayment during liquidation.

Understand the accounting treatment and main accounts used in the liquidation process.

Understand the purpose and preparation of liquidation accounts and the calculation of surplus or deficiency.

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Definitions:

Stocks

Financial instruments that represent ownership shares in a company, allowing investors to partake in the company's profits and governance.

Corporate Directors

Individuals elected by the shareholders of a corporation to oversee and make decisions about the corporation's management and governance.

Unanimous Vote

A vote in which all members of a given group or assembly agree on a single decision or outcome.

Majority Vote

A voting outcome where more than half of the votes cast decide an issue or election.