Choose the Word or Phrase in [ ] Which Will

question 143

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Most of your debts would be totally discharged under Chapter [7 | 13] of the federal bankruptcy law.

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Definitions:

Entity Method

An accounting technique used in consolidations, treating the parent and subsidiary as separate entities for the calculation of minority interest and consolidated net income.

Non-Controlling Interest

The portion of equity in a subsidiary not held by the parent company, reflecting the minority shareholders' share of the profits and losses.

Net Assets

The total assets of an entity minus its total liabilities, representing the owners' equity or net worth of the entity.

Fair Value

A market-based measurement of the price at which an asset could be bought or sold or a liability settled, under current market conditions.