1E3 - Liquidation FC Flashcards
1
Q
When is liquidation imminent?
A
1) Likelihood of returning from it is remote 2) Likelihood it will NOT be blocked by others 3) it’s imposed by involuntary bankruptcy
2
Q
How do you measure assets?
A
At the estimated amount of cash expected to be collected
3
Q
Do you recognize items not previously recognized?
A
Yes. i.e. trademarks, patenets
4
Q
What F/S are required?
A
Stmt of Net Assets in Liquidation and Stmt of Changes in Net Assets in Liquidation
