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Topical Outline for Final Exam

Topical Outline for Final Exam - TOPICAL OUTLINE FOR FINAL...

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TOPICAL OUTLINE FOR FINAL EXAM Chapter 10 Know what a current liability is Know the journal entries for notes payable (issuance, adjusting entry to record interest expense, and repayment of the note) Know how to record a sale with sales tax Understand how the amortization of the discount or premium on bonds payable impacts the amount of interest expense recorded for the period Understand how the market rate and the contractual (stated) rate of interest affect the selling price of a bond Understand how bonds payable and discount on bonds payable and premium on bonds payable are presented on the balance sheet Know the journal entries associated with bonds payable (issuance at a premium or discount, accrual of interest expense, payment of interest, retirement) and know how to calculate the carrying value of bonds payable Chapter 11 Know the advantages and disadvantages of corporations Understand what par value and legal capital are
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