Author Question: Proper reporting of revenues and expenses in a period is due to the accounting period concept. a. ... (Read 201 times)

vicotolentino

  • Hero Member
  • *****
  • Posts: 552
Proper reporting of revenues and expenses in a period is due to the accounting period concept.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

A government defeased in substance 10 million of old Enterprise Fund bonds by paying 12 million into a qualifying trust for that purpose. The refunded bonds had an unamortized premium of 200,000 and bond issue costs of 50,000 .
 
  Resources to finance the defeasance of the old bonds were provided by issuing 12,000,000 of new bonds issued at par. What amount of deferred interest expense adjustment should the government report?
  A. 0.
  B. 1,850,000 debit.
  C. 1,800,000 debit.
  D. 1,850,000 credit.



Anna

  • Sr. Member
  • ****
  • Posts: 343
Answer to Question 1

True

Answer to Question 2

B



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

On average, someone in the United States has a stroke about every 40 seconds. This is about 795,000 people per year.

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

The average human gut is home to perhaps 500 to 1,000 different species of bacteria.

Did you know?

Drugs are in development that may cure asthma and hay fever once and for all. They target leukotrienes, which are known to cause tightening of the air passages in the lungs and increase mucus productions in nasal passages.

Did you know?

There are 20 feet of blood vessels in each square inch of human skin.

For a complete list of videos, visit our video library