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What is it called when a company closes?
When a company closes, it is often referred to as "business closure" or "business liquidation." This process can occur for various reasons, including financial difficulties, bankruptcy, or strategic decisions. In some cases, the closure may involve selling off assets to pay creditors or simply ceasing operations altogether.
What is your best assets that can help to our company?
the best assets of business is goodwill in market
What happens to your mortgage when your bank closes?
Your (previous) bank's assets are transferred to another institution. Your mortgage is considered an asset. It is money owed and part of accounts collectible. Someone somewhere will now hold the note, and you'll owe them like you owed your bank.
Can an owner of a business withdraw assets from that business for personal use?
Unless those assets are part of an expressly-designated expense account, that would be fraud.
What are physical assets?
Physical assets are tangible things a business or person owns, e.g. property.
What happens to assets when a business closes down?
When a business closes down, its assets are typically sold off to pay off any outstanding debts and obligations. Any remaining assets are then distributed to the business owners or shareholders.
What account is used to record the transfers of assets from a business to its stockholders is?
The dividend account is used to record transfers of assets from a business to its stockholders. It is a temporary account that closes before the end of the accounting year.
What is it called when a company closes?
When a company closes, it is often referred to as "business closure" or "business liquidation." This process can occur for various reasons, including financial difficulties, bankruptcy, or strategic decisions. In some cases, the closure may involve selling off assets to pay creditors or simply ceasing operations altogether.
What happens to existing contracts when a business closes down?
When a business closes down, existing contracts may be terminated or transferred to another party, depending on the terms of the contract and the circumstances of the closure. It is important for both parties to review the contract and seek legal advice to determine the appropriate course of action.
What are assets liabilities and equity?
It is the basic accounting equation which shows the relationship of business assets toward liability and equity and it tells that all assets must generate enough money to pay all liabilities and owner's capital to be successful business.
The difference between assets and liabilities is?
assets are what the business owned and liabilities are what the business owe.
What happens if a ear pierce on your ear closes?
Ahhh the piercing closes and you need to get it repierced..
Is owners equity equal to the business liabilities less the business assets?
No. Owners Equity is equal to Business Assets less Business Liabilities.
What happens when the bank closes your account?
if bank closes yr account,it gets closed,or dead.
Which accounting convention or doctrine is being applied when the owner's home computer is excluded from the assets of the business?
Business entity convention because owner’s assets must not be included with business assets
When account receivabes is collected cash the totl assets of the business increases?
Accounts receivable is also part of assets of business and cash as well so there is no difference on overall assets of business.
The properties owned by a business are called?
Assets
