22 - What is the name given to the person who is the debtor of the policy and will pay his debt with promissory notes when due? A) Drawer B) Addressee C) Reporter D) Bearer E) Beneficiary

Q: how to correct a Notification has been received that the outstanding balance on one of the debtors…

A: Introduction:   Rectification entry has to be passed when any error has been made in the books of…

Q: 24- The accounting treatment for provision for doubtful debts will be: a. Added to sundry debtors in…

A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…

Q: In computing debt servicing a number of methods are employed. Discuss the following methods used in…

A: When a loan or debt is extended, debt servicing has to be done by borrowers by paying the required…

Q: Which form(s) report mortgage interest paid? (A) Form W-9 (B) Form W-2 (C) Form 1099s (D) Form 1098

A: A mortgage interest rate a percentage of your total loan balance. It's paid on a monthly basis,…

Q: The (maker/payee) of the note is the one that signed the note and promised to pay at maturity. The…

A: Note refers to the written document issued by the lender for granting a loan to the borrower stating…

Q: which of the followings is considered as long term liability :Select one .a mortgage payable .b…

A: a. mortgage payable is the right answer. Other option are incorrect as they are short term…

Q: 8-A promissory note is written by a. A creditor in favour of a debtor b. A customer in favour of…

A: Promissory note serves as a promise to pay the lender the amount borrowed at a specific date upon…

Q: Which one of the following options is correct for a journal entry creating provision for warranty…

A: SOLUTION- THE COMPANY NEEDS TO MAKE PROVISION OF WARRANTY WHEN IT SELLS THE PRODUCT WITH THE…

Q: The formal document that outlines the paym lender and the borrower is: the acceleration clause. O…

A: There is agreement between borrower and lender for payment of loan.

Q: what's the difference between retirement of bond and repayment to their bond holder( assume the…

A: The answer for the theory question on difference between retirement of bond and repayment of bond…

Q: answe Il only I only None of these and II

A: Ans. A cheque is a negotiable instrument which is endorsed and has many types : e. g. Crossed…

Q: Which of the following is not an accrued liability?   Question 36 options:   A)  Warranty…

A: Accrued liabilities are costs that a business has incurred but not yet paid for and recorded in the…

Q: Under which head is the ‘Debenture Redemption Reserve’ shown in the Balance Sheet?

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: Journalize the above transactions, including the adjusting entry for the accrual of interest on…

A: Journal entry is the first stage of accounting process. Journal entry used to record business…

Q: When a liability is paid, which account should be credited? A, Cash B.Accounts payable

A: Cash (money or coins) is legal tender that may be used to exchange products, debts, or services. It…

Q: Define debtor-in-possession (DIP) financing

A: Introduction: A debtor in possession (DIP) is an individual or company that has filed for chapter 11…

Q: Confirmations of individual account receivable balances direct with debtors will normally provide…

A: Direct party confirmations are part of audit procedure while gathering audit evidence regarding…

Q: Which of the following is generally associated with payables classified as A/P? (A) Periodic…

A: Accounts payable means amounts repayable in respect of purchases made from suppliers.

Q: describe the fi nancial statement presentation of and disclosures relating to debt

A: A single line component of the cumulative amount of a long-term firm's liability due after one year…

Q: The discount allowed to a debtor for early payment is

A: Debtors :- Debtors are the person to whom goods and services are sold on credit.

Q: Liabilities represent amounts owed to outsiders (creditors) expected to be received from customers…

A: The balance sheet represents the financial position of the business. It records the assets and…

Q: Define promissory note. Who are the original parties to a promissory note?

A: A promissory note is a valid, financial instrument in which one party guarantees another to settle…

Q: what is a debtor.

A: A business or person that owes money is called a debtor. If the debt is in the form of a loan from a…

Q: A deposit premium can be defined as The initial payment schedule required to institute a premium…

A: An insurance contract is a contract where the insured pays the insurer premiums for coverage…

Q: A debt service fund is used to account for financial resources set aside for the purpose of making…

A: A debt service fund is a type of governmental fund that is used to account for the accumulation of…

Q: Which of the following is an account used in applying the Sales Warranty Approach, but not the…

A: The Sales Warranty Approach is an accounting method used to account for warranties that a company…

Q: describe the role of debt covenants in protecting creditors;

A: Debt covenants are restrictions that lenders (creditors, debt holders, investors) put on lending…

Q: Which form of payment is not considered as advance payment? A) Payment by wire transfer B)…

A: Documentry payment is not considered as advance payment because Documentary payment is a method of…

Q: The party who borrows money in a note payable is known as the: Multiple Choice Maker. Payee Issuer.…

A: Notes payable are written promises by a borrower to repay a specific amount of money to a lender on…

Q: Which of the following fund types does not report the payment of bond principal as an expenditure?…

A: Special Revenue fund - These are the funds which is created for the specific purpose such as…

Q: Installment note may be secured by a pledge of the borrows assets. Such notes are

A: Installment notes that are secured by a pledge of the borrower's assets are often referred to as…

Q: Specify the section of a classified balance sheet in which each of the following accounts would be…

A: Investments.Investments appear under current assets if they are listed as "available for sale" by…

Q: Insurance policies form the basis of an insurance company’s ________________. a. Financial…

A: Financial securities are an important part of an insurance company's investment portfolio, as they…

Q: Which one of the following is a special type of liability? a. Accrued expenses b. Salaries payable…

A: Accrued expense: These are those expenses which due but not yet paid.This is short term liability…

Q: An issuer of a cheque is called: a. Payee b. Drawee c. Endorser d. Draw

A: solution : a cheque is instrument to draw the money from bank account . A cheque is issued to other…

Q: The party to whom the payment is to be made in a promissory note The party making the promise to pay…

A: Solution: Promissory note is an instrument in which one party gives a written promises to another…

Q: Define each of the following terms:h. Indentures; mortgage bond; debenture; subordinated debenture

A: Indentures: They are legal contract that has the details of the bond and the obligation of the buyer…

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.