26 May Question 33. A “debtor-in-possession” balance sheet is prepared for a company which:
Question
33. A “debtor-in-possession” balance sheet is prepared for a company which:
A. is having its debts restructured.
B. is undergoing a liquidation under Chapter 7.
C. is undergoing a reorganization under Chapter 11.
D. is in bankruptcy reorganization but management still controls the company.
34. A debtor-in-possession balance sheet should report:
I. Liabilities not subject to compromise.
II. Liabilities subject to compromise.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
35. On a debtor-in-possession income statement, which of the following items should be reported under the heading “Reorganization Items”?
A. Sales
B. Selling expenses
C. Income tax benefit
D. Loss on disposal of assets
Essay Questions
36. What are the conditions necessary for using fresh start reporting in reorganization?
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