About This Chapter
Corporate Bankruptcies, Reorganizations & Liquidations - Chapter Summary
This chapter provides an overview of corporate bankruptcy, reorganization and liquidation topics. As you follow along with our expert instructors, you'll identify corporate bankruptcy laws and types as well as bankruptcy accounting procedures and statements of affairs. Work through the chapter at your own pace, and take the included lesson quizzes and chapter exam to check your understanding of the material. For your convenience, we've made the chapter accessible on any device that has an Internet connection. By the end of the chapter, you should be able to:
- Recognize different types of corporate bankruptcy
- Outline corporate bankruptcy laws
- Describe the accounting procedures for Chapter 7 and 11 bankruptcies
- Prepare a statement of affairs
- Interpret a statement of realization and liquidation
- Account for reorganization and liquidations within a business
1. Corporate Bankruptcy: Types & Laws
Sometimes companies have too much debt and have no way of paying all of it off. When this happens, they often consider filing for bankruptcy. In this lesson, we will learn about the different types of bankruptcy options.
2. Preparing a Statement of Affairs
Sometimes, we need to report financial information without having every last detail. This lesson will define a statement of affairs and explain how to prepare one and what the numbers mean.
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