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Mr. Gregory White
Mr. Gregory White, Master's Degree
Category: Multiple Problems
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Experience:  M.A., M.S. Education / Educational Administration
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Multiple Choice, Question 40 An early extinguishment of

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Multiple Choice, Question 40

An early extinguishment of bonds payable, which were originally issued at a premium, is made by purchase of the bonds between interest dates. At the time of reacquisition

any costs of issuing the bonds must be amortized up to the purchase date.

the premium must be amortized up to the purchase date.

interest must be accrued from the last interest date to the purchase date.

All of these.
Multiple Choice, Question 45

When a note payable is issued for property, goods, or services, the present value of the note is measured by

the fair value of the property, goods, or services.

the market value of the note.

using an imputed interest rate to discount all future payments on the note.

Any of these.
Multiple Choice, Question 47

Discount on Notes Payable is charged to interest expense

equally over the life of the note.

only in the year the note is issued.

using the effective-interest method.

only in the year the note matures.
Multiple Choice, Question 49

When a business enterprise enters into what is referred to as off-balance-sheet financing, the company

can enhance the quality of its financial position and perhaps permit credit to be obtained more readily and at less cost.

is in violation of generally accepted accounting principles.

is attempting to conceal the debt from shareholders by having no information about the debt included in the balance sheet.

wishes to confine all information related to the debt to the income statement and the statement of cash flow.
Multiple Choice, Question 52

Note disclosures for long-term debt generally include all of the following except

call provisions and conversion privileges.

restrictions imposed by the creditor.

names of specific creditors.

assets pledged as security.

Multiple Choice, Question 40

An early extinguishment of bonds payable, which were originally issued at a premium, is made by purchase of the bonds between interest dates. At the time of reacquisition

All of these.


Multiple Choice, Question 45

When a note payable is issued for property, goods, or services, the present value of the note is measured by

Any of these.


Multiple Choice, Question 47

using the effective-interest method.

Multiple Choice, Question 49

When a business enterprise enters into what is referred to as off-balance-sheet financing, the company

can enhance the quality of its financial position and perhaps permit credit to be obtained more readily and at less cost.

Multiple Choice, Question 52

Note disclosures for long-term debt generally include all of the following except

names of specific creditors.

 

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