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ACC 306 Week 2 Quiz

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Question 1:  The method used to pay interest depends on whether the bonds are: Question 2:  Bond X and bond Y are both issued by the same company. Each of the bonds has a maturity value of $100,000 and each matures in 10 years. Bond X pays 8% interest while bond Y pays 9% interest. The current market rate of interest is 8%. Which of the following is correct? Question 3:  Which of the following statements characterizes a leveraged lease? Question 4:  If the lessee and lessor use different interest rates to account for a capital lease, then: Question 5:  Of the four criteria for a capital lease, which two are not applied if the lease begins during the final quarter of the asset’s useful life? Question 6:  Griggs Co. failed to amortize the premium on an outstanding five-year bond issue. What is the resulting effect on interest expense and the bond carrying value, respectively? Question 7:  When the interest payment dates are March 1 and September 1, and the notes are issued on July 1, the amount of interest expense to be accrued at December 31 of the year of issue would: Question 8:  When bonds are retired prior to their maturity date: Question 9:  Which of the following statements characterizes an operating lease? Question 10:  The four criteria provided in FASB Statement No. 13 for distinguishing a capital lease from an operating lease do not include:

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