Under Chapter 7, the Primary Effect of a Discharge Is

question 7

Multiple Choice

Under Chapter 7, the primary effect of a discharge is to

• A)extend the time for the debtor's payment of overdue debts.
• B)allow a creditor to collect a previous judgment on a discharged debt.
• C)force a creditor to obtain a new judgment on a discharged debt.
• D)void a judgment on a discharged debt and prohibit an action to collect it.

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Definitions:

Merchandise Sold

This term refers to products that have been sold and are in the process of being delivered to the customer, usually recognized as revenue in retail or wholesale businesses.

Inventory Control

A system used by a business to manage its inventory effectively, ensuring there are adequate supplies without overstocking.

Receiving Report

A document that records the details of goods received by a company, including date received, quantity, and condition.

Initial Record

Initial record refers to the first entry or recording of a financial transaction or event in the accounting system.