It is a good idea to record your practice session
Indicate whether the statement is true or false
True
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Bonds with a face amount $1,000,000 are sold at 106 . The journal entry to record the issuance is
a. Cash 1,000,000 Premium on Bonds PayableBonds Payable 60,000 1,060,000 b. Cash Premium on Bonds Payable 1,060,000 60,000 Bonds Payable 1,000,000 c. Cash Discount on Bonds Payable 1,060,000 60,000 Bonds Payable 1,000,000 d. Cash Bonds Payable 1,060,000 1,060,000
Under the equity method, dividends received by the investor should be recorded as
A) reductions in the carrying value of the investment. B) additions to the carrying value of the investment. C) dividend income. D) investment income.
Internal control is a process designed to guarantee the achievement of the objectives of reliable financial reporting, compliance with laws and regulations and ineffective and inefficient operations
a. True b. False Indicate whether the statement is true or false
An adjusting entry that increases an asset and increases a revenue is known as a(n):
A. Deferred revenue. B. Accrued revenue. C. Depreciation. D. Deferred expense. E. Accrued expense.