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What the loss contingency should be

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Reference no: EM132984769

Problem 1: When a bond issue sale price is higher than the bond face amount, the effective interest rate is:

a. Lower than the stated rate

b. Higher than the stated rate

c. Equal to the stated rate

d. Effective interest is not applicable to bonds

Problem 2: State Inc. is a defendant in a current lawsuit that it estimates has probable loss of $225,000. The loss contingency should be:

a. Disclosed and accrued as a liability

b. Disclosed but not accrued as liability

c. Not Disclosed, but accrued as a liability

d. Not Disclosed and not accrued as a liability

Problem 3: Current liabilities include:

a. Prepaid Expenses

b. Deferred Revenues

c. Mortgage Payable

d. Capital Stock

Reference no: EM132984769

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