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In accounting for short-term debt expected to be refinanced to long-term debt: a.   GAAP uses the authorization date to determine classification of short-term debt to be refinanced. b.   IFRS uses the authorization date to determine classification of short-term debt to be refinanced. c.   IFRS and GAAP use the financial statement date to determine classification of short-term debt to be refinanced. d.   GAAP uses the date of issue, but only for secured debt, to ­determine classification of short-term debt to be refinanced.

In accounting for short-term debt expected to be refinanced to long-term debt: a.   GAAP uses the authorization date to determine classification of short-term debt to be refinanced. b.   IFRS uses the authorization date to determine classification of short-term debt to be refinanced. c.   IFRS and GAAP use the financial statement date to determine classification of short-term debt to be refinanced. d.   GAAP uses the date of issue, but only for secured debt, to ­determine classification of short-term debt to be refinanced.

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter15: Statement Of Cash Flows
Section: Chapter Questions
Problem 14E
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    In accounting for short-term debt expected to be refinanced to long-term debt:

a.   GAAP uses the authorization date to determine classification of short-term debt to be refinanced.

b.   IFRS uses the authorization date to determine classification of short-term debt to be refinanced.

c.   IFRS and GAAP use the financial statement date to determine classification of short-term debt to be refinanced.

d.   GAAP uses the date of issue, but only for secured debt, to ­determine classification of short-term debt to be refinanced.

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