In dealing with capitalized costs, what should be done when deferred charges of interest exist on the balance sheet?
a. Assume them as accurately capitalized
b. Consider them candidates for fraud
c. Look for ways to research the issue
d. Nothing should be done, as they are perfectly normal on the balance sheet
b
FEEDBACK: a. Incorrect. These do not exist very often on the balance sheet.
b. Correct.
c. Incorrect.
d. Incorrect. These charges should be on the income statement, and if they are on the balance sheet, you should suspect guilt until you find out otherwise.
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