Liquidation
The process of closing a business and distributing its assets to creditors and owners. Assets are sold to pay off liabilities. Any remaining funds go to shareholders. Liquidation can be voluntary (due to retirement or strategy) or forced (due to insolvency).
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Liquidity Ratio
A liquidity ratio evaluates a company’s ability to meet short-term obligations using its current assets. Common examples include the current…
Letter of Engagement
A letter of engagement outlines the scope, terms, and responsibilities of an accounting or auditing engagement between a firm and…
Lease Accounting
Lease accounting records the financial impact of lease agreements. Under modern standards (like IFRS 16), lessees must recognise leased assets…
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