Liquidation
Liquidation is the process that occurs when a business is terminated, the assets are sold, and liabilities and partners are paid off.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Liquidation. Occurs when a business is terminated, the assets are sold, and liabilities and partners are paid off.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
