Acc 563 Week 8 Quiz – Strayer New

ACC 563 Week 8 Quiz – Strayer NEW

Click On The Link Below to Purchase A+ Graded Material

Instant Download

http://budapp.net/ACC-563-Week-8-Quiz-Strayer-NEW-ACC563W8Q.htm

Week 8 Quiz 6: Chapters 11 and 12

Chapter 11

Multiple Choice

1. A loss from early extinguishment of debt, if material, should be reported as a component of income

a. After cumulative effect f accounting changes and after discontinued operations of a segment of a business

b. After cumulative effect of accounting changes and before discontinued operations of a segment of a business

c. Income from continuing operations

d. Before cumulative effect of accounting changes and before discontinued operation s of a segment of a business

Answer

2. Unamortized debt discount should be reported on the balance sheet of the issuer as

a. A direct deduction from the face amount of the debt

b. A direct deduction from the present value of the debt

c. A deferred charge

d. Part of the issue costs

Answer

3. An example of an item that is not a liability is

a. Dividends payable in stock

b. Advances from customers on contracts

c. Accrued estimated warranty costs

d. The portion of long-term debt due within one year

Answer

4. If bonds are issued initially at a discount and the straight-line method of amortization is used for the discount, interest expense in the earlier years will be

a. Greater than if the compound interest method were used

b. The same as if the compound interest method were used

c. Less than if the compound interest method were used

d. Less than the amount of the interest payments

Answer

5. Cole Manufacturing Corporation issued bonds with a maturity amount of $200,000 and a maturity 10 years from date of issue. If the bonds were issued at a premium, this indicates that

a. The yield (effective or market) rate of interest exceeded the nominal (coupon) rate

b. The nominal rate of interest exceeded the yield...