Which of the Following Does Not Occur for a Trustee

question 35

Multiple Choice

Which of the following does not occur for a trustee in a Chapter 7 bankruptcy case?

• A)Gains and losses on the sale of assets are debited to the estate equity account.
• B)Unrecorded liabilities discovered by the trustee are debited to the estate equity account and credited to the liability account.
• C)Liquidation expenses are debited to the estate equity account.
• D)An income statement is prepared showing gains and losses on sale of assets.

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Definitions:

Sentiments

Sentiments refer to complex emotional states that combine feelings, thoughts, and attitudes, often directed towards people, objects, or concepts.

Energia

A term that could refer to energy in various contexts, such as physical, psychological, or spiritual vigor, but is not a standard psychological key term.

Deference

A respectful submission or yielding to the judgment, opinion, will, or authority of another.

Neuroticism

A personality trait characterized by emotional instability, anxiety, moodiness, worry, and sadness.