Author Question: Bond anticipation notes are a. always short-term liabilities of the fund until the bonds are ... (Read 102 times)

luvbio · **on:** Jul 6, 2018

Bond anticipation notes are

a. always short-term liabilities of the fund until the bonds are issued.
b. always general long-term liabilities.
c. sometimes treated as fund liabilities even if they have a long-term maturity.
d. sometimes treated as general long-term liabilities even if they have a term of one year or less.

Question 2

If merchandise is bought with a list price of 2,800, subject to a 30 percent trade discount and a cash discount of 2/10, n/30, the amount debited to Purchases is 1,920.80.
a. True
b. False
Indicate whether the statement is true or false