{"id":54703,"date":"2024-04-16T00:14:42","date_gmt":"2024-04-16T00:14:42","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=54703"},"modified":"2024-04-16T00:14:42","modified_gmt":"2024-04-16T00:14:42","slug":"from-the-following-statements-related-to-insolvency-account-mark-your-answer-according-to-the-answer-code-given-i-list-a-contains-particulars-relating-to-unsecured-creditors-ii-all-taxes-due-are-c","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/from-the-following-statements-related-to-insolvency-account-mark-your-answer-according-to-the-answer-code-given-i-list-a-contains-particulars-relating-to-unsecured-creditors-ii-all-taxes-due-are-c\/","title":{"rendered":"From the following statements related to insolvency account mark your answer according to the answer code given: i. List A contains particulars relating to unsecured creditors. ii. All taxes due are considered preferential creditors. iii. Properties held by the insolvent in the fiduciary capacity can be distributed amongst his creditors. iv. List D contains the particulars relating to assets and properties."},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a976074ec4df\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    i and ii are correct                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"true\">\r\n                    i and iii are correct                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    i and iv are correct                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    ii and iv are correct                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>B. i and iii are correct<\/strong><\/p>\n<ul>\n<li>List A contains particulars relating to unsecured creditors.<\/li>\n<\/ul>\n<p>This is correct because List A is a list of all the creditors of the insolvent person, including both secured and unsecured creditors. Unsecured creditors are those who do not have any security over the assets of the insolvent person, and therefore have a lower priority in the distribution of the assets.<\/p>\n<ul>\n<li>All taxes due are considered preferential creditors.<\/li>\n<\/ul>\n<p>This is also correct because taxes are considered to be a priority debt, which means that they must be paid before any other <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n    <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div>         Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> debts. This is because taxes are essential for the government to function, and they cannot afford to go unpaid.<\/p>\n<ul>\n<li>Properties held by the insolvent in the fiduciary capacity can be distributed amongst his creditors.<\/li>\n<\/ul>\n<p>This is incorrect because properties held by the insolvent in the fiduciary capacity cannot be distributed amongst his creditors. This is because the insolvent person is holding these properties on behalf of someone else, and therefore does not have the right to sell them or distribute them.<\/p>\n<ul>\n<li>List D contains the particulars relating to assets and properties.<\/li>\n<\/ul>\n<p>This is also correct because List D is a list of all the assets and properties of the insolvent person. This list is used to determine how much money is available to pay the creditors.<\/p>\n<p>Therefore, the correct answer is: <strong>B. i and iii are correct<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>From the following statements related to insolvency account mark your answer according to the answer code given: i. List A contains particulars relating to unsecured creditors. ii. All taxes due are considered preferential creditors. iii. Properties held by the insolvent in the fiduciary capacity can be distributed amongst his creditors. iv. 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