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Time for disclaimer
The trustee may disclaim in writing at any time within twelve months of his appointment, or of becoming aware of the property, or such extended period as the court may allow.This right is lost if a person interested in the property applies in writing for him to decide whether he will disclaim or not; in this case the trustee must give notice of disclaimer within 28 days of receiving the application, unless the court extends the time.The court's consent is not required to the disclaimer except in the case of certain leases.
DIVISIBLE PROPERTY The property of the bankrupt divisible among creditors includes: Property belonging to the bankrupt at the commencement of the bankruptcy; Property ac
Four major qualitative characteristics of accounting information There are four major qualitative characteristics which influence usefulness of accounting information. Additio
A____ is a loss to the business and a gain to the debtor
On January 1, 2012, Osborn Company sold 12% bonds having a maturity value of $800,000 for $860,651.79, which provides the bondholders with a 10% yield. The bonds are dated January
You have been provided with the following information on a fixed-fixed USD-GBP currency swap, the spot exchange rate between USD and GBP, and the USD and GBP yield curves: Fi
The functional currency method (formerly temporal method) Under this method, the branch is considered to be an extension of the head office and this is reflected by the trading
The Red and Blue partnership has been created to operate a law firm. The partners have been attempting to devise a fair system to allocate profits and losses. Red plans to work mor
Q. Explain the Matching Principle? Matching Principle - A basic concept of basic accounting. In any one given accounting period, you must try to match the revenue you are repor
it is for what purpose?
Revenue recognition is a joint project of financial accounting standard board and international accounting standard board.1.identify the roles and objectives of FASB and IASB?.2. W
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