ACT 506 CSU Global Campus Judicial Nonjudicial and Bankruptcy Actions Discussion

Question Description

I’m working on a accounting discussion question and need a sample draft to help me learn.

Select two of the following questions.

What are the nonjudicial actions available to a financially distressed company?  What judicial actions are available?
What is the difference between a Chapter 7 action and a Chapter 11 bankruptcy action?  What financial statements must a company file during a Chapter 11 reorganization?
What is the difference between a Chapter 7 and a Chapter 11 bankruptcy action?  What are the rights of creditors with priority in a Chapter 7 liquidation?
What is the difference between a Chapter 7 and a Chapter 11 bankruptcy action?  What are the financial reporting responsibilities of a trustee who accepts the debtor company’s assets in a Chapter 7 liquidation?
What is the difference between a Chapter 7 and a Chapter 11 bankruptcy action?  What is usually included in the plan of reorganization filed as part of a Chapter 11 reorganization?
What conditions must occur for a company in reorganization to use fresh start accounting?  How are the sales of assets reported on the statement of realization and liquidation?

Explanation & Answer:
300 Words

Tags:
judicial actions

nonjudicial actions

bankruptcy action

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