A company issued commercial paper at a discount. The discount should be: a) Expensed immediately b) Treated as a loss c) Amortized over the life of the paper d) Recorded as other comprehensive income

Answer This MCQ

Question- The contact asset

The alternative treatment in reporting Subscription Receivable is addition to Current Assets deduction to Current Assets deduction to Current Liabilities addition to Current Liabilities

Which item below is not a current liability? Select one: O O a. Unearned revenue b. Trade accounts payable c. cash dividends d. The currently maturing portion of long-term debt

Assignment Financial Accounting Problem

Do items reported as a credit memorandum on the kink statement represent (a) additions made by the hank to the companys balance or (1)) deductions made h the hank from the companys balance? Explain.

When does a company record the transfer of accounts receivable as a sale? As a secured borrowing (a liability)?

for each of the financial statement items, identify the estimate(s) from the following (1-11) list that are required in the measurement of that item on the financial statements. For each select 3 of them. Account Receivable A. b, C, • Inventory A. b, C, Equipment A. b, C, Warranty Liability A. b, C, Sales revenue А, b, C, Revenue from long term contract b, A. Cost of good sold. C, A. C, 1. Cost to repair or replace product. 2. Cost of each item sold/held. 3. Customer default rate 4. Degree of progress fulfilling contract. 5. Pattern of benefit obtained. 6. Prices of inventory items 7. Profitability of contract 8. Rate of defect 9. Residual value at end of useful life 10. Speed of collection 11. Useful lives

On a classified balance sheet, wages payable is classified as: a.a current liability. b.a long-term liability. c.a current asset. d.a revenue account. e.a general expense.