If an Individual Has Been Relieved of Responsibility of Repaying

question 25

Multiple Choice

If an individual has been relieved of responsibility of repaying his or her creditors through the bankruptcy process,how long will the bankruptcy remain on the record if it is the individual's first?

• A) 14 years
• B) 6 years
• C) 3 years
• D) 5 years

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Definitions:

Posting

The transferring, copying, or recording of information from a journal to a ledger.

Sliding

A term often used in various contexts to describe a gradual, steady movement or shift from one position or condition to another.

Accounting Cycle

A sequence of steps undertaken in a specific order by businesses to handle their financial transactions from their inception to their inclusion in the financial statements.

Recording Journal Entries

The process of documenting all financial transactions of a business in the double-entry accounting system through debits and credits.