Please answer this discussion accordingly and have a references for each steps.401-10 &1110-What is the most crucial information that the primary parties can gain from a statement of realization...

Solution 401-10
A statement of realization and liquidation contain the detailed operations of an entity under liquidation. It helps the liquidator to discharge his fiduciary responsibilities towards various stakeholders. The liquidator prepares the statement to decide the priority order for dispersing the assets. There are various contents in the statement which are as follows:
1. Details of the available assets and liabilities during the liquidating period
2. The assets and liabilities which were acquired by the stakeholders
3. Details of the assets which are sold and liabilities paid off during this time.
4. Any related profit or losses in above transaction
5. Closing balance of assets and liabilities.
The closing balance of assets and liabilities is the crucial information for partners and creditors during the process of liquidation as they want to know the amount and assets which will be received by them after the discharge. The assets and liabilities of the business would be apportioned in the priority order such as firstly to the creditors and then to the owners. The main purpose of the statement of realization and liquidation is the identification of the proportion of shares issued by the entity and the shares need to the issued for generating the income during financial instability (Jordan Meyers, 2023).
The primary parties can gain the different information from the statement for grasping the vital events occurring in the process of liquidation. It includes getting details of the cash received through sale of the property belonging to certain debtor, the details of the liabilities recorded over the period, reported account balances by the entity at the time of filing the petition and etc. Last but not the least, the most compelling information for disseminating the partners and creditors during the process is the procedures for the liquidation and the valuation methods adopted in determining the value of assets, manner of payment to the creditors.
Reference
Jordan Meyers (2023). Definition of a Liquidating Partnership. Retrieved from https://smallbusiness.chron.com/liquidate-general-partnership-52532.html
Solution 401-11
The three concepts and account types which were found exciting in this course are as follows:
Concepts
1. Fair value accounting: This concept covers the measurement and recognition of the assets and liabilities according to the current market value and not on the basis of the historical cost. It is exciting to me as I came to know the accurate picture of the entity based on the current value.
2. Derivative instruments: These instruments are used for hedging against the risk or for the speculation of the price movements. It is covering the different form of derivatives such as future, swaps and options.
3. Non-profit organizations: These are the entities which are formed for serving the society and are not profit oriented. These are having special accounting requirements and it is very exciting for me as it provides insight on different aspects of the...