In a financial context, a firm is a. Technically insolvent when it is unable to meet its

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In a financial context, a firm is

a. Technically insolvent when it is unable to meet its current obligations as they come due, even though the value of the assets exceeds its liabilities

b. Legally insolvent if the recorded value of its assets is less than the recorded value of its liabilities

c. Bankrupt if it is unable to pay its debts and it files a bankruptcy petition in accordance with the federal bankruptcy laws

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