Which of the following is a FALSE statement? A mortgage does not give the lender a right to be paid from the cash proceeds of the sale of a borrowers' assets identified in the mortgage. O Mortgage notes pledge specific assets as security for the note. O A mortgage contract describes the mortgage terms. O Accounting for mortgage notes and bonds is similar to that for unsecured notes and bonds, except that f mortgage agreement must be disclosed.

Which of the following is a FALSE statement? A mortgage does not give the lender a right to be paid from the cash proceeds of the sale of a borrowers' assets identified in the mortgage. O Mortgage notes pledge specific assets as security for the note. O A mortgage contract describes the mortgage terms. O Accounting for mortgage notes and bonds is similar to that for unsecured notes and bonds, except that f mortgage agreement must be disclosed.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter13: Auditing Debt, Equity, And Long-term Liabilities Requiring Management Estimates

Section: Chapter Questions

Problem 7CYBK

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