The process of going out of business by selling the entity's assets,paying its liabilities,and distributing any remaining cash to the owners based on their equity balances is known as liquidation.

Name: The process of going out of business by selling the entity's assets,paying its liabilities,and distributing any remaining cash to the owners based on their equity balances is known as liquidation.
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Question

Quizplus · Accepted Answer

This is the correct definition of liquidation.

The Process of Going Out of Business by Selling the Entity's