FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Which of the following would not be reported as inventory? O A. Goods out on consignment O B. Goods in transit sold under FOB Destination O c. Goods in transit purchased under FOB seller O D. Goods purchased under a buyback agreement E. Goods in transit purchased under FOB Shipping point
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Transcribed Image Text:Which of the following would not be reported as inventory? O A. Goods out on consignment O B. Goods in transit sold under FOB Destination O c. Goods in transit purchased under FOB seller O D. Goods purchased under a buyback agreement E. Goods in transit purchased under FOB Shipping point
If interest-bearing obligations are issued between interest payment dates, the accrued interest sold O A. should be included in the carrying amount of the liability as a credit to 'interest expense' or 'interest payable." B. should not be included in the carrying amount of the liability but rather credited to 'interest expense' or 'interest payable. O c. interest payable is debited D. interest income is credited O E. interest payable is credited
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Transcribed Image Text:If interest-bearing obligations are issued between interest payment dates, the accrued interest sold O A. should be included in the carrying amount of the liability as a credit to 'interest expense' or 'interest payable." B. should not be included in the carrying amount of the liability but rather credited to 'interest expense' or 'interest payable. O c. interest payable is debited D. interest income is credited O E. interest payable is credited
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