Day 68 - 47% FAIL Flashcards
1
Q
Interest paid on a discount bond in a given period is:
A
Equal to interest expense less the amortization of the discount
MCQ-01251
2
Q
What effect would the sale of trading securities for cash have on the current ratio and the quick ratio?
A
No effect and no effect
MCQ-02629
3
Q
Bond liability is open on the BS as:
A
Net of Unamortized discount
MCQ-00643
4
Q
What is the minimum operating cycle of a prepaid to be reported on the BS as a current asset?
A
12 months
MCQ-00359
5
Q
Prepaid insurance creates a deferred tax
A
Liability
MCQ-00818
6
Q
True or false: employers will Accrue a liability for employee sick day pay?
A
False - due to the uncertain nature they will not
Only Accrue vacation days
MCQ-07879
