Which of the following bank assets are the least liquid?
A) Reserves
B) Mortgage loans
C) Cash items in process of collection
D) Deposits with other banks
B
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How does the modified T-account close differ from the T-account close?
What will be an ideal response?
According to SFAS No. 34, "Capitalization of Interest Cost," interest should be capitalized for assets that are
a. in use or ready for their intended use in the earnings activities of the enterprise. b. being constructed or otherwise being produced as discrete projects for an enterprise's own use. c. not being used in the earnings activities of the enterprise and that are not undergoing the activities necessary to get them ready for use. d. routinely produced on a repetitive basis for inventory but require an extended period of time for completion.
On October 1, Year 1, Harrison Company borrowed money by issuing a $24,000 face value discount note to its bank. The note had an 8% discount rate and had a one-year term to maturity. On December 31, Year 1, Harrison should accrue interest expense in the amount of $1,920.
Answer the following statement true (T) or false (F)
Explain the meaning of the terms "tangible" and "intangible" and discuss how these terms are used in describing assets.
What will be an ideal response?