Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik

Exercise 61

When does the liquidation basis of accounting first have to be applied to financial statements of a liquidating entity to be viewed as in conformity with U.S. GAAP
A) When an involuntary bankruptcy petition is approved by the court.
B) When liquidation is imminent.
C) When the first asset is sold.
D) At least 90 days before the final asset is sold.