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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Which of the following statements regarding bonds payable is true?

  1. Generally, bonds are issued in denominations of $100.
  2. When an issuing company’s bonds are traded in the "secondary" market, the company will receive part of the proceeds when the bonds are sold from the first purchaser to second purchaser.
  3. The entire principal amount of most bonds mature on a single date.
  4. A debenture bond is backed by specific assets of the issuing company.

To determine

Concept introduction:

Bonds Payable:

Bonds payable represents the large-scale loan taken by the business for a major capital requirement. Bonds payable are issued to the public for raising the funds. Bonds are issued in the form of securities and bonds are highly regulated form of debt.

To choose:

The correct Statement about bonds payable.

Explanation

Explanation for correct answer:

c. the entire amount of most bonds matures on a single date. Hence the correct option is c.

Explanation for incorrect answers:

a. Bonds can be issues in any multiple of 10...

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