States do not impose death taxes
Indicate whether the statement is true or false.
FALSE
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Neville Company issued $100,000 of 6%, 10 year bonds when the market rate of interest was 5%. The proceeds from this bond issue were $107,732 . Using the effective interest method of amortization, which of the following statements is true? Assume interest is paid annually
a. Interest payments to bondholders each period will be $6,464. b. Interest payments to bondholders each period will be $5,000. c. Amortization of the premium for the first interest period will be $1,226. d. Amortization of the premium for the first interest period will be $613.
Which of the following statements is true?
A) GAAP requires that unconditional non-cancellable purchase obligations be accrued and reported as liabilities on the balance sheet. B) Unearned revenues collected in advance should be classified as deferred credits on the balance sheet. C) GAAP requires that footnote disclosures of future payments resulting from off-balance-sheet financing transactions be disclosed separately for only the next five years. D) If a company sells goods and agrees to repurchase them at a specified price, both a sale and a current liability should be recorded if the requirements of GAAP are to be met.
Company XYZ had a long-standing relationship with a leading law firm. In fact, the law firm's business with this company was one of its most profitable relationships. If the law firm decides that it no longer wants to conduct business with the company, this is:
a. indicative that the company might have a lot of customer law suits against it. b. not any sort of meaningful indicator of fraud activity. c. a large cause for concern that financial statement fraud may be occurring. d. an indication that the client has likely outgrown the law firm.
Ownership of debt instruments of the government and other companies that can be readily converted to cash are best reported as:
a. long-term investments. b. cash. c. marketable securities. d. intangibles. e. inventory of near-cash items.