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Course 171041- Balance Sheet: Reporting Liabilities
  Final Exam
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171041v - Balance Sheet: Reporting Liabilities

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5 CPE Credit Hours

Final Exam
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Read 'Chapter 0: Course Material' & answer the following question(s):
1. Which of the following is usually associated with payables classified as accounts payable?
2. What is the relationship between current liabilities and a company's operating cycle?
3. On January 1, 2X13, Beyer Co. leased a building to Heins Corp. for a ten-year term at an annual rental of $80,000. At inception of the lease, Beyer received $320,000 covering the first two years' rent of $160,000 and a security deposit of $160,000. This deposit will not be returned to Heins upon expiration of the lease but will be applied to payment of rent for the last two years of the lease. What portion of the $320,000 should be shown as a current and long-term liability, respectively, in Beyer's December 31, 2X13 balance sheet?
4. ___________________________ is a mathematical method used primarily to value debt securities without solely relying on quoted prices for the particular securities.
5. With items reported at fair value on a nonrecurring basis, it is unlikely that _________ inputs will be available.
6. When is a contingent liability recorded?
7. Which of the following is the proper way to report a gain contingency?
8. Neer Co. has a probable loss that can only be reasonably estimated within a range of outcomes. No single amount within the range is a better estimate than any other amount. The loss accrual should be
9. Which of the following is an example of a contingent liability?
10. Which of the following is a condition for accruing a liability for the cost of compensation for future absences?
11. In a troubled debt restructuring in which the debt is continued with modified terms and the carrying amount of the debt is less than the total future cash flows,
12. For a troubled debt restructuring involving only a modification of terms, which of the following items specified by the new terms would be compared with the carrying amount of the debt to determine whether the debtor should report a gain on restructuring?
13. Where is debt callable by the creditor reported on the debtor's financial statements?
14. If bonds are issued initially at a premium and the effective-interest method of amortization is used, interest expense in the earlier years will be
15. Under the effective-interest method of bond discount or premium amortization, the periodic interest expense is equal to
16. When the effective-interest method is used to amortize bond premium or discount, the periodic amortization will
17. Fox Co. issued $100,000 of ten-year, 10% bonds that pay interest semiannually. The bonds are sold to yield 8%. One step in calculating the issue price of the bonds is to multiply the principal by the table value for
18. Reich, Inc. issued bonds with a maturity amount of $200,000 and a maturity ten years from date of issue. If the bonds were issued at a premium, this indicates that
19. Bonds payable issued with scheduled maturities at various dates are called
20. The market price of a bond issued at a discount is the present value of its principal amount at the market (effective) rate of interest
21. The issue price of a bond is equal to the present value of the future cash flows for interest and principal when
22. A debt instrument with no ready market is exchanged for property whose fair market value is currently indeterminable. When such a transaction takes place
23. When a note payable is issued for property, goods, or services, the present value of the note is measured by
24. Discount on Notes Payable is charged to interest expense
25. A company issued a current note payable with a stated 12% rate of interest to a bank. The bank charged a .5% loan origination fee and remitted the balance to the company. The effective interest rate paid by the company in this transaction is
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