Questions from Advanced Accounting


Q: Describe prepetition liabilities subject to compromise on the balance sheet of a

Describe prepetition liabilities subject to compromise on the balance sheet of a company operating under Chapter 11 of the bankruptcy act.

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Q: Bankruptcy proceedings may be designated as voluntary or involuntary. Distinguish between

Bankruptcy proceedings may be designated as voluntary or involuntary. Distinguish between the two types, including the requirements for filing of an involuntary petition.

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Q: You serve as the executor for the estate of Jeff Carpenter,

You serve as the executor for the estate of Jeff Carpenter, who passed away on August 25, 2015, at the age of 102. Jeff’s estate consisted of two certificates of deposit totalling $800,000 and a $15,0...

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Q: What are the duties of the U.S. trustee under

What are the duties of the U.S. trustee under BAPCPA? Do U.S. trustees supervise the administration of all bankruptcy cases?

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Q: What classifications of fund balance are currently allowed and which ones are

What classifications of fund balance are currently allowed and which ones are no longer allowed?

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Q: What obligations does a debtor corporation have in a bankruptcy case?

What obligations does a debtor corporation have in a bankruptcy case?

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Q: Is a trustee appointed in Title 11 cases? Is a trustee

Is a trustee appointed in Title 11 cases? Is a trustee appointed in all Chapter 7 cases? In all Chapter 11 cases? Discuss.

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Q: Describe the duties of a trustee in a liquidation case under the

Describe the duties of a trustee in a liquidation case under the BAPCPA 1978.

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Q: What is a debtor-in-possession reorganization case?

What is a debtor-in-possession reorganization case?

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Q: When can a creditors’ committee file a plan of reorganization under a

When can a creditors’ committee file a plan of reorganization under a Chapter 11 case?

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