front 1 Bonds Payable are | back 1 Debt instruments arising from companies borrowing money from the public |
front 2 Which of the following is an advantage of issuing bods | back 2
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front 3 Bonds that mature in instalments are called | back 3 serial bonds |
front 4 The interest rate of the average of all other bonds being sold at the same time as yours is | back 4 market rate of interest |
front 5 The process of allocating a premium or discount over the life of the bond is called | back 5 amortization |
front 6 If a bond issue price borrowed is larger than the face value of the bond, it sold at a | back 6 premium |
front 7 The contract rate between the company and the bond holder is called the | back 7 bond indenture |
front 8 Which of the following is not a current liability | back 8 bonds payable |
front 9 If a $100,000 bond sold at 96, the journal entry to record the sale would include | back 9 debit to discount on bonds payable for $4000 |
front 10 Choose the true statement regarding bond issue account | back 10 when recorded, it is affect by any amortization of a discount or premium |
front 11 If a bond issue with face value at $200,000, 10 year bond, with a stated rate of interest at 6% payable semiannually, was issued at 108, it would sell at | back 11 a premium |
front 12 If a bond issue with face value at $200,000, 10 year bond, with a stated rate of interest at 6% payable semiannually, was issued at 108, proceeds collected would equal | back 12 $216,000 |
front 13 If a bond issue with face value at $200,000, 10 year bond, with a stated rate of interest at 6% payable semiannually, was issued at 108, cash paid for interest would be equal to | back 13 $6000 |
front 14 If a bond issue with face value at $200,000, 10 year bond, with a stated rate of interest at 6% payable semiannually, was issued at 108, 6 months later the journal entry to record this payment of interest would include | back 14 debit to interest expense $5200 |
front 15 Net payroll is | back 15 The amount you take home as your final payment |
front 16 The matching principle requires business to report warranty expense | back 16 in the same period that the company records the revenue related to the warranty |
front 17 When a business records payment of accrued interest on a notes payable it | back 17 credits notes payable |
front 18 A contingent liability that is recorded in the notes to the financial statement is | back 18 probable but not estimatable |
front 19 What would the journal entry include when an Accounts Payable balance is transferred to a notes payable account | back 19 a debit to accounts payable |
front 20 Current liabilities are | back 20 Obligations due to be paid or settled within one year or the company’s operating cycle, whichever is longer |
front 21 Gross payroll is | back 21 the net amount received after taxes are deducted but before donations are deducted |
front 22 What type of account is unearned revenue | back 22 liabilities |
front 23 If sales revenue account was credited for $45,000 and sales taxes collected on that revenue was $2,700, the journal entry to record the payment of the taxes would include | back 23 a debit to taxes payable for $2700 |
front 24 Which of the following is a current liability | back 24 warranty payable |
front 25 The current portion of long-term debt is shown | back 25 in the current liabilities section of the balance sheet |