If a Corporation Is Dissolved,its Asset Can Be Liquidated Without

question 4

True/False

If a corporation is dissolved,its asset can be liquidated without further notice to a party who has a claim against the firm.

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Definitions:

Salvage Value

The estimated residual value of an asset after its useful life has ended and it can no longer be used for its intended purpose.

Useful Life

It's the expected period over which an asset is considered usable and economically efficient for its intended purpose.

Revenue Expenditures

Outlays that are immediately charged against revenues in the period they occur, often related to the maintenance or repair of assets.

Accumulated Depreciation

Represents the total depreciation expense allocated to a tangible asset since it was put into use, reducing its book value on the balance sheet.