Bankruptcy occurs when:
A.a firm experiences economic failure.
B.a firm is unable to pay its liabilities as they come due and is facing a liquidity crisis
C.a firm's liabilities exceed the fair market value of its assets
D.a firm comes under the authority of a bankruptcy court
Answer:D
Bankruptcy occurs when:
A.a firm experiences economic failure. B.a firm is unable to pay its liabilities as they come due and is facing a liquidity crisis C.a firm's liabilities exceed the fair market value of its assets D.a firm comes under the authority of a bankruptcy court