Which of the following is the termination of the firm as a going concern in which assets are sold and any proceeds go to pay off the firm's creditors?

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Liquidation is the termination of a firm as a going concern in which assets are sold and any proceeds go to pay off the firm's creditors. Assignment is a transfer of rights or property from one person to another, Composition refers to an agreement between a debtor and his creditors to discharge the debts at a reduced amount and consolidation is the merger of two or more businesses into one entity.

Which of the Following Is the Termination of the Firm