FinMan10e_BTest_ch12

FinMan10e_BTest_ch12 - 10th Edition FINANCIAL&...

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Unformatted text preview: 10th Edition FINANCIAL & MANAGERIAL ACCOUNTING CORPORATE FINANCIAL ACCOUNTING Warren/Reeve/Duchac Chapter Test 12B Score % Name Course Section NOTE: Each of the 40 correct answers is assigned a weight of 2½%. FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY—35% INSTRUCTIONS: Complete each of the following questions and statements by writing the appropriate words or amounts in the Answers column. For Scoring QUESTIONS/STATEMENTS Answers 0. When a corporation issues bonds, it executes a contract with bondholders known as a(n) .................................................................... bond indenture 0. ____ 1. The present value of $10,000 to be paid one year later with earnings of 7% is (round to the nearest dollar) ..................................................... $ 1. ____ 2. The interest rate specified in the bond indenture is called the coupon or ............................................................................................... 2. ____ 3. When the market rate of interest on bonds is higher than the contract rate, the bonds will sell at a(n) ............................................................... 3. ____ 4–5. A corporation issued $10,000,000 of bonds payable at a discount. To record the amortization of discount at the end of each fiscal year, what accounts are debited and credited? 4. Debited: .................................................................................................. 4. ____ 5. Credited: .................................................................................................Credited: ....
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This note was uploaded on 07/17/2011 for the course ACCT 102 taught by Professor Martinez during the Summer '11 term at Rio Hondo College.

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FinMan10e_BTest_ch12 - 10th Edition FINANCIAL&...

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