Bankruptcy Discharge Is

question 36

Multiple Choice

Bankruptcy discharge is:

• A) illegal
• B) when a third party steps in to pay the debtor's debts
• C) when creditors forgive all debt
• D) the final stage of the bankruptcy proceeding for individuals
• E) none of the other choices are correct

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Definitions:

Revenue Balances

Revenue Balances relate to the residue amounts retained from earned revenues after covering all operational expenses and costs.

Expense Balances

The remaining amounts in an organization's expense accounts after all expenditures for the accounting period have been accounted for.

Adjusted Trial Balance

A listing of all company accounts that will appear on the financial statements after year-end adjustments are made.

Income Statement

A financial statement that provides a summary of a company's revenues, expenses, and profits/losses over a specific period of time.