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ipn [44]
3 years ago
5

The Bankruptcy Abuse Prevention and Consumer Protection Act allows the bankruptcy court to disallow a petition for a Chapter 7 b

ankruptcy if the individual filing for bankruptcy earns an income that is __________________to meet the standards of the means test.
Business
1 answer:
Gekata [30.6K]3 years ago
5 0

The Bankruptcy Abuse Prevention and Consumer Protection Act allows the bankruptcy court to disallow a petition for a Chapter 7 bankruptcy if the individual filing for bankruptcy earns an income that is  too high to meet the standards of the means test.

<h3><u>Explanation:</u></h3>

The main aim of The Bankruptcy Abuse Prevention and Consumer Protection Act is the prevention of abuse against the process that are involved in Bankruptcy. The process that are associated with the asset liquidation is being controlled by the Chapter 7 of Title 11 U.S bankruptcy code.

The liquidation of non exempt assets to pay creditors is carried out by a trustee. There will be a discharge of the debt that remains when there is an exhaust of proceeds. If the income of an individual is too high to meet the standards of mean test , then, according to his act  the bankruptcy court to disallows a petition for a Chapter 7 bankruptcy.

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Amortization is:Select one:A. The process of allocating to expense the cost of a plant asset to the accounting periods benefitin
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Answer:

The correct answer is option B.

Explanation:

Amortization is a technique used in accounting. It involves the process of spreading payment over multiple periods. In accounting, amortization refers to the allocation of the cost of intangible assets over its lifetime.

For instance, amortization of a loan means spreading the interest and principal of the loan over its lifetime. It means fixed monthly payments of interest and principal.  

4 0
3 years ago
Use the information in the adjusted trial balance presented below to calculate current assets for Taron Company: Account Title D
ryzh [129]

Answer:

$45,600

Explanation:

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Fixed assets include plant & machinery, land, equipment, furniture & fittings, etc.

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= $23,000 + $16,000 + $6,600

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3 years ago
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3 years ago
Explain the short and long term significance of the mcnary-haugen bill and the boulder canyon project.
Semmy [17]

Answer and Explanation:

The short and long term significance of the mcnary-haugen bill and the boulder canyon project was that the plan was to relieve American agriculture by raising prices of all farm products. Although this was for the government to buy wheat but it would negatively affect farmers, so Coolidge went ahead to vetoed the bill.

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