problem $29$: The estimated deficiency can be determined by:

a$.$ Deducting the total free assets to the total unsecured liabilities without priority

b$.$ Deducting the total net free assets to the total unsecured liabilities with and without priority.

c$.$ Deducting the total net free assets to the total unsecured liabilities without priority.

d$.$ Deducting the total estimated realizable value of assets by the total book value of liabilities.

Problem $30$: In every corporate liquidation, which of the following creditors will always fully recover their claims from a liquidating corporation?

a$.$ Unsecured creditors with priority

b$.$ Unsecured creditors without priority

c$.$ Partially secured creditors

d$.$ Fully secured creditors

Problem $31$: Which of the following credits shall be settled first by the corporate Equidator in the winding up of the affairs of a dissolved corporation?

a$.$ Book value per share for the common stockholders of the dissolved corporation

b$.$ Liquidation value per share for the preferred stockholders of the dissolved corporation

c$.$ Redemption value of the stocks for the redeemable preferred stockholders of the dissolved corporation

d$.$ Claims of the creditors of the dissolved corporation

a$.$ Free Assets

b$.$ Current Assets

c$.$ Assets pledged to partially secured creditors

d$.$ Assets pledged to fully secured creditors

Problem $22$: These are liabilities secured by assets with estimated realizable values that is equal or greater than the amount of liabilities:

a$.$ Partially secured liabilities

c$.$ Fully Secured liabilities

b$.$ Unsecured with priority liabilities

d$.$ Unsecured without priority liability

Problem $23$: Total estimated realizable value of assets less total unsecured liabilities with priorities and the estimated realizable value of assets pledged to fully and partially secured liabilities is equal to:

a$.$ Net Free assets

b$.$ Free Assets

c$.$ Estimated Deficiency

d$.$ Unsecured liability without priority

Problem $24$: Liabilities in statement of affairs are classified as follows:

a$.$ Fully secured, partially secured and unsecured liability with priority liabilities

b$.$ Partially secured, unsecured with and without priority liabilities

c$.$ Fully secured, partially secured, unsecured with and without priority liabilities

d$.$ Secured and unsecured liabilities

Problem $25$: It is the initial report prepared by the trustee in liquidating a corporation:

a$.$ Balance sheet

b$.$ Statement of affairs

c$.$ Statement of estate equity

Problem $26$: It is a report preptatement liquidation process:

a$.$ Statement of cash receipts and disbursements

b$.$ Statement of estate deficit

c$.$ Statement of baffairs

d$.$ Statement of realization and liquidation

Problem $27$: Which of the following statement is incorrect regarding the assets to be realized in the statement of realization and liquidation?

a$.$ It is presented in the credit side

c$.$ It is measured at book value

b$.$ It is the total non$-$cash assets

d$.$ None of the choices

Problem $28$: If the total debits is greater than the total credits in the statement of realization, it means:

a$.$ There is net gain

b$.$ There is net loss

c$.$ There is estimated net gain

d$.$ There is estimated net loss

$15$ in a statement of affairs, assets pledged for partially secured

tose ananst partalily secured liabilities

in plujed nith free assets

$4$ pregisted

prove$=16$: In accounting for corporate liquidation, which of the following sastrents is incorrect?

$2.$ Fuir secured creditors no longer share in the remaining free assets after pasment of unsecured liabilities without priority.

$2.$ Assets used as security for partially secured liabilities are offset to their seured debts and can no donger be used to pay unsecured liabilities.

c$.$ Unsecuredicent can always be fully recovered by the employees and taxes cue to govemmente liquidation. corporate bquid ton.

d$.$ The unsecured portion of the liabilities to partially secured creditors are added to unsecured credits without priority in the computation of recovery percentage of the unsecured creditors without priority.

problem $17$: The free assets of the entity under corporate liquidation will be distributed to:

a Unsecured creditors with and without priority

b$.$ Partially secured creditors, Unsecured creditors with and without priority

c$.$ Unsecured creditors with and without priority and shareholders

d$.$ Fully secured, partially secured, unsecured creditors and shareholders

Problem $18$: In the statement of affairs, the entity shall report the assets at:

a$.$ Book value

c$.$ Historical cost

b$.$ Fair value

d$.$ Net realizable value

Problem $19$: The estimated gain or losses upon liquidation in the statement of aftairs is equal to:

a$.$ Book value of assets less book value of liabilities

b$.$ Estimated realizable value of assets less book value of liabilities

c$.$ Book value of assets less estimated realizable value of assets

d$.$ Estimated realizable value of assets less the amount assigned to secured creditors

Problem $20$: The statement of affairs shows a dividend of $\backslash (120\backslash \%\backslash ).$ The dividend means that:

a$.$ Secured creditors will receive an amount in excess of t