Once a Discharge Is Granted, It May Not Be Revoked

question 42

True/False

Once a discharge is granted, it may not be revoked, even if, for example, a debtor concealed property to defraud a creditor.

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Definitions:

Double Entry System

A method of bookkeeping where every entry to an account requires a corresponding and opposite entry to a different account, effectively balancing the accounting equation.

Accounting

A structured process of noting down, disclosing, and analyzing the financial activities of a business entity.

Income Statement

A financial document that shows a company's revenues, expenses, and net income over a specific period, typically a quarter or year.

Balance Sheet

A document that provides a snapshot of an organization's financial status by listing its assets, obligations, and the equity of its shareholders at a given time.