When a Corporation Liquidates, It Performs Three Activities

question 19

Multiple Choice

When a corporation liquidates, it performs three activities. What is the general order of these activities in a plan of liquidation?

• A)pay debts, distribute property to shareholders, and wind up its affairs
• B)wind up its affairs, distribute property to shareholders, pay debts
• C)pay debts, wind up its affairs, and distribute property to shareholders
• D)wind up its affairs, pay debts, and distribute property to shareholders

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Definitions:

Unconscious Mind

A part of the mind that is inaccessible to the conscious mind but that affects behavior and emotions.

Unacceptable Ideas

Concepts, thoughts, or plans considered inappropriate or offensive within a given context or community.

Regression

A defense mechanism of retreating to the thoughts and actions of an earlier, “safer” age.

Developmental Level

A measure of the progress of a child's physical, emotional, intellectual, and social development compared to typical milestones.