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Question
A person whose assets are less than business liabilities is known as insolvent.
A person whose assets are less than business liabilities is known as insolvent.
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Solution
The correct option is A True
A person or firm whose liabilities exceed the value of owned assets is termed as insolvent. It is the inabilities of the company or person to pay liabilities as they become due.
A person or firm whose liabilities exceed the value of owned assets is termed as insolvent. It is the inabilities of the company or person to pay liabilities as they become due.
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