true or false 1. Some intangible assets are not required to be amortized every year. 2. Internally created intangibles are recorded at cost. 3. Internally generated intangible assets are initially recorded at fair value
true or false
1. Some intangible assets are not required to be amortized every year.
2. Internally created intangibles are recorded at cost.
3. Internally generated intangible assets are initially recorded at fair value.
4. Amortization of limited-life intangible assets should not be impacted by expected residual values.
5. Internally generated
6. Dividends in arrears on cumulative
7. Magazine subscriptions and airline ticket sales both result in unearned revenues.
8. Discount on Notes Payable is a contra account to Notes Payable on the balance sheet.
9. All long-term debt maturing within the next year must be classified as a current liability on the balance sheetAll long-term debt maturing within the next year must be classified as a current liability on the balance sheet
10. A short-term obligation can be excluded from current liabilities if the company intends to refinance it on a long-term basis
11. If the market rate is greater than the coupon rate, bonds will be sold at a premium.
12. The interest rate written in the terms of the bond indenture is called the effective yield or market rate
13 The stated rate is the same as the coupon rate.
14. Amortization of a premium increases bond interest expense, while amortization of a discount decreases bond interest expense.
15. A bond may only be issued on an interest payment date.
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