Assume that Lehman’s accounting for the Repo 105 transactions met the requirements of GAAP. However, also assume that the entire purpose of the transaction was to intentionally manage the amount of debt shown on the balance sheet. Do you agree with Lehman Brothers and EY that the financial statements are presented fairly in that situation?

3. a. List and describe three types of deferred credits? b. Do they meet the definition of a liability? Of short or long term? c. Why do some accountants not consider them to be a liability? d. Do deferred credits affect liquidity? 4. List and discuss four reasons a company would prefer to issue debt rather than equity securities. 5. When and why should liabilities for each of the following items be recorded on the books of an ordinary business corporation? a. Purchase of goods on account. b. Officers' salaries c. Dividends d. Interest e. Loss contingencies

IFRS requires all of the following when classifying receivables except Select one: O a. Indicate the receivables classified as current and non-current in the statement of financial position. O b. All of these answer choices are required by IFRS when classifying receivables. Oc Disclose all significant concentrations of credit risk arising from receivables. Od. Disclose any receivables pledged as collateral.

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