1st TRIVIA QUIZ Acctg. 4 LIABILITIES ACCOUNT.

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1st TRIVIA QUIZ Acctg. 4 LIABILITIES ACCOUNT

1. For a liability to exist, a past transaction or event must have occurred. b. the exact amount must be known. c. the identity of the party owed must be known. an obligation to pay cash in the future must exist.

2. A short-term note payable with no stated rate of interest should be a. recorded at maturity value. recorded at the face amount. discounted to its present value. reported separately from other short-termnotes payable.

3. In theory (disregarding any other marketplace variables), the proceeds from the sale of a bond will be equal to a. the face amount of the bond. b. the present value of the bond maturity value plus the present value of the interest payments to be made during the life of the bond. the face amount of the bond plus the present value of the interest payments made during the life of the bond. d. the sum of the face amount of the bond and the periodic interest payments.