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Chapter_14_Quiz_Study_guide - Please see quiz introduction...

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Chapter 14 – Bonds Payable and Long-term Liabilities Quiz Study Guide TCO D Given a company’s financial statements and current and long-term liability transactions, the student should able to  understand and explain them to other accountants, managers and business people. Their understanding and  explanation should include concepts relating to the borrowing process (debt finance), the legal basics of debt  and transactions that bring debt into the company’s financial structure (sales taxes, payroll taxes, warranties,  contingencies, purchases on credit, bank loans, bonds and others) and an analysis of the effect of liabilities on  financial statement reporting.  Note:
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Unformatted text preview: Please see quiz introduction page for additional details on the number questions, length of quiz, etc. Quiz Hints: You need to know how to calculate the proceeds (cash received) from a bond transaction. You need to understand how to calculate the issue price of a bond including the present value of principal and present value of interest payments. You need to understand when gains and losses should be recognized in a troubled debt restructuring. You need to know conceptually the meaning of “off-balance-sheet financing.” You need to be aware of note payable disclosures and review the accounting treatment of note payable transactions involving note payables in exchange for property, goods or services. Go for it!...
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