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Please answer this discussion accordingly and have a references for each steps. 401-10 &11 10- What is the most crucial information that the primary parties can gain from a statement of realization...

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Please answer this discussion accordingly and have a references for each steps.





401-10 &11


10-



  • What is the most crucial information that the primary parties can gain from a statement of realization and liquidation to grasp the significant events of the partnership liquidation process?

  • Suggest the most compelling information to disseminate to the partners and creditors during liquidation. Justify your response.




11-





  • Determine at least three concepts and account types you found exciting that you were unaware of before taking this course. Support your response.




308-10&11





10-




  • When you design and implement an AIS, you are going to require many forms and reports. However, it is critical to remember that too much information can be counterproductive when trying to make decisions. To avoid this, discuss strategies for determining the essential forms and reports that would provide the most useful and relevant data for informing operational efficiency and improvement.




11-





  • You've learned a lot about AIS and its impact on an organization's performance.

  • Discuss two ways you would like to implement AIS in your workplace or future business.




306-10 &11





10-



QuickBooks and Excel have made the job of an accountant much easier. Imagine a time when there were no computers, or programs like QuickBooks or Excel.



  • What were some of the challenges an accountant faced trying to manage a company's finances without software programs?

  • Do any of those challenges still exist today despite the technology?




11-




Reflect on your knowledge of Excel and QuickBooks at the start of this course.



  • What was the most interesting thing you learned?

  • What was the hardest skill to learn?

  • How has your opinion and comfort level with Excel and QuickBooks changed over the past weeks?

  • How will you use your newfound skills in Excel and QuickBooks either personally or professionally to increase your efficiency and marketable skills?


Answered 3 days After May 28, 2024

Solution

Khushboo answered on May 31 2024
4 Votes
Solution 401-10
A statement of realization and liquidation contain the detailed operations of an entity under liquidation. It helps the liquidator to discharge his fiduciary responsibilities towards various stakeholders. The liquidator prepares the statement to decide the priority order for dispersing the assets. There are various contents in the statement which are as follows:
1. Details of the available assets and liabilities during the liquidating period
2. The assets and liabilities which were acquired by the stakeholders
3. Details of the assets which are sold and liabilities paid off during this time.
4. Any related profit or losses in above transaction
5. Closing balance of assets and liabilities.
The closing balance of assets and liabilities is the crucial information for partners and creditors during the process of liquidation as they want to know the amount and assets which will be received by them after the discharge. The assets and liabilities of the business would be apportioned in the priority order such as firstly to the creditors and then to the owners. The main purpose of the statement of realization and liquidation is the identification of the proportion of shares issued by the entity and the shares need to the issued for generating the income during financial instability (Jordan Meyers, 2023).
The primary parties can gain the different information from the statement for grasping the vital events occu
ing in the process of liquidation. It includes getting details of the cash received through sale of the property belonging to certain debtor, the details of the liabilities recorded over the period, reported account balances by the entity at the time of filing the petition and etc. Last but not the least, the most compelling information for disseminating the partners and creditors during the process is the procedures for the liquidation and the valuation methods adopted in determining the value of assets, manner of payment to the creditors.
Reference
Jordan Meyers (2023). Definition of a Liquidating Partnership. Retrieved from https:
smallbusiness.chron.com/liquidate-general-partnership-52532.html
Solution 401-11
The three concepts and account types which were found exciting in this course are as follows:
Concepts
1. Fair value accounting: This concept covers the measurement and recognition of the assets and liabilities according to the cu
ent market value and not on the basis of the historical cost. It is exciting to me as I came to know the accurate picture of the entity based on the cu
ent value.
2. Derivative instruments: These instruments are used for hedging against the risk or for the speculation of the price movements. It is covering the different form of derivatives such as future, swaps and options.
3. Non-profit organizations: These are the entities which are formed for serving the society and are not profit oriented. These are having special accounting requirements and it is very exciting for me as it provides insight on different aspects of the...
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