A schedule should be produced periodically by the accountant to disclose losses and gains that have been incurred, remaining assets and liabilities, and current capital balances.

Question

Quizplus · Accepted Answer

The schedule of liquidation provides a summary of the financial situation of the company in the event of liquidation, including losses and gains, remaining assets and liabilities, and capital balances. It is important for stakeholders to understand the financial standing of the company in order to make informed decisions about the liquidation process.

A Schedule Should Be Produced Periodically by the Accountant to Disclose