Acct410 test 2024 - Study guides, Class notes & Summaries
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ACCT410 test-2024 Questions with 100% Solutions
- Exam (elaborations) • 5 pages • 2024
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Which of the following are characteristics of a liability? 
1 Are measured, recorded, and reported at their face amount. 
2 The liability transaction must have already occurred. 
3 The company has little or no discretion to avoid the future sacrifice of economic 
benefits. - ANSWER 2 and 3 
On September 1, 2016, a company borrowed cash and signed a 1-year, interest-bearing 
note on which both the principal and interest are payable on September 1, 2017. How 
will the note payable and the related ...
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ACCT410 test-2024 Questions with 100% Solutions
- Exam (elaborations) • 5 pages • 2024
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- $10.49
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s a legal document that specifies the face value, the annual interest rate, the 
maturity date, and other characteristics of the bond issue. - ANSWER bond certificate 
is a document (contract) that defines the rights of the bondholders. - ANSWER 
bond indenture 
are secured by a lien against specific assets - ANSWER mortgage bonds
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