When a Debtor No Longer Has an Obligation to Pay

question 26

Multiple Choice

When a debtor no longer has an obligation to pay a debt,that debt has been

• A)terminated.
• B)revoked.
• C)completed.
• D)discharged.

---

Definitions:

Total Assets

The sum of all owned resources with economic value that are expected to provide future benefits to a business.

Statement Of Financial Position

A financial statement that shows the assets, liabilities, and equity of an entity at a specific point in time, providing a snapshot of its financial condition.

Statement Of Income

A financial report that shows a company's revenue, expenses, and profits over a specific period, often referred to as a profit and loss statement.