CHAPTER 11 Definition

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CHAPTER 11, in the U.S., is where a company can file for protection under Chapter 11 of the bankruptcy laws. The company continues to operate under existing management while working with its creditors to reorganize the business.

Learn new Accounting Terms

ACCOUNTING INCOME is the income derived through historical accrual based accounting. Income = the change in net assets occurring during the period excluding transactions with owners; i.e. transaction based.

NORMAL BALANCE, in accounting, is the side of an account, whether debit or credit, to which increases to the account are recorded.

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