BANKRUPTCY PREVENTION FOR SMALL BUSINESSES DURING COVID-19 PANDEMIC
Keywords:Small Businesses, Bankruptcy Prevention, Financial Statement, Entrepreneurship, Cost Accounting, Financial Accounting
Abstract: COVID-19 pandemic has massively impacted the economy, especially the small business people. Many small businesses are forced to close due to a lack of customers and various other factors that support small business closures. From the impact of this pandemic, there are several small businesses that have started to close their businesses due to the "bankruptcy" problem. Therefore, the researcher aims to investigate the causes of bankruptcy during the pandemic and look for aspects of accounting that support bankruptcy in small businesses. The data was obtained through interviews with six informants who had small businesses closed during the pandemic. The results explain that the cause of bankruptcy in small businesses is due to the lack of customers, high costs, and a non-current collection of receivables. The most dominant aspect in supporting bankruptcy is the revenue, expense, and accounts receivable sections from the accounting aspect.
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