When you file for bankruptcy it's for individuals and companies when they can no longer pay their bills. from there it is decided if their debt will be relieved or if they HAVE to pay. it will be on your credit because if you want to purchase a house or a car they seller needs to know the history of the person or company
Answer:
Explanation:
The manager should not make the donation as he knows that he is indirectly funding the organization that is engaged in drug trafficking. Even though the big man helps the poor in the neighborhood that does not justify his act of running an organisation of drug trafficking, Instead he should report it to the local authority so as to everything being taken care of, with whatever information he has about the big man. Thus he will be adhering to the social responsibility of himself and the organization.
Answer:
d. Ensure that net income or net loss and dividends for the period are closed into the retained earnings account.
Explanation:
Temporary accounts are closed at the end of accounting period so that net income, net loss and dividends for the period are closed into retained earnings account.
All the expenses and gains or income of kind accounts must be closed at the end of the year and in order to close them, they are transferred to either Trading Account or profit and loss Account.
Answer: The fair distribution of economic benefits.
Explanation:
Equity simply means giving everyone in a society equal opportunities regardless of their racial, religious, tribal or social background. In an economy if everyone present in that economy can enjoy the economic benefits, then equity has been achieved in that economy.