Which is the proper accounting treatment for a mortgage payment? a) Debit: Expense Debt Service Credit: Liability Mortgage b) Debit: Expense Interest; Debit: Liability Mortgage Credit: Cash c) Debit: Expense Interest; Credit: Liability Mortgage Credit: Cash d) Debit: Cash Credit: Mortgage Payment Expense

Classify the following items as (1) on-balance-sheet assets, (2) on-balance sheet liabilities, (3) off￾balance-sheet assets, (4) off-balance-sheet liabilities, or (5) capital account. • Loan commitments. • Loan loss reserves. • Letter of credit. • Bankers acceptance. • Rediscounted bankers acceptance. • Loan sales without recourse. • Loan sales with recourse. • Forward contracts to purchase. • Forward contracts to sell. • Swaps. • Loan participations. • Securities borrowed. • Securities lent. • Loss adjustment expense account (PC insurers). • Net policy reserves

Explain Types of Mortgage Debt and Other Obligations?

Explain what a debt covenant is, and give a specific example of a debt covenant. Address how debt covenants benefit both creditors and debtors of a loan agreement.

The payment for the use of borrowed money is called: loan maturity value interest principal

Which of the following is an example of a liability? a) Accounts receivableb) Prepaid rentc) Loan payabled) Inventory

Loans backed by tangible assets are known as _____ loans. open-end creditrevolving credit     unsecuredsecured

Classifying Liability-Related Accounts into Balance Sheet or Income StatementIndicate the proper financial statement classification (balance sheet or income statement) for each of the following liability-related accounts. Account Financial Statement a. Gain on Bond Retirement   b. Discount on Bonds Payable   c. Mortgage Notes Payable   d. Bonds Payable   e. Bond Interest Expense   f. Bond Interest Payable (due next period)   g. Premium on Bonds Payable   h. Loss on Bond Retirement

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Which of the following correctly describes the exchange between lender and borrower in a typical lending transaction? O The borrower signs the Note in return to receive Mortgage from the lender O The borrower signs the Mortgage in return to receive Deed of Trust from the lender O The borrower signs both Mortgage and Deed of Trust to receive money from the lender The borrower signs both Note and Mortgage to receive money from the lender