Project Planning

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ACC-400Week 3
Individual Assignment (Exercises)

Resource:Financial Accounting: Tools for Business Decision Making
Prepare responses to the following assignment from the e-text: * Ch. 10: Questions 1, 7, 8, & 19; Brief Exercise BE10-1; and Financial Reporting Problem BYP10-1 * Ch. 11: Ethics Case: BYP11-10 Resources:Financial and Managerial Accounting: The Basis for Business Decisions
Prepare responses to the following assignment from the e-text: Ch. 11: Internet Assignment 11-1 * *

Problem 10.1
Georgia Lazenby believes a current liability is a debtthat can be expected to be paid in one year. Is Georgiacorrect? Explain.

ANSWER
Yes, Georgia Lazenbyhas the correct idea in her understanding of current liabilities. In accounting, a current liability is a debt or obligation that is expected to be paid off within a year or within the company’s operating cycle, whichever is longer. The current liabilities can be paid from existing current assets or by creating additional current liabilities.

Problem 10.7
(a) What are long-term liabilities? Give two examples.
(b) What is a bond?

ANSWER a. Long-term liabilities are debts or obligations expected to be paid in more than one year. What differentiates current from long-term liabilities is how long into the future the liability is due. Current liabilities are expected to be settled within a year but long-term liabilities are expected to be settled in a timeframe longer than a year. Examples of long-term liabilities are corporate bonds and notes with maturities greater than one year.

b. A bond is an interest bearing debt security issued with a maturity longer than one year. Bonds can be issued by corporations or governments to raise funds to finance capital needs. The funds are borrowed for a period of time at a fixed interest rate.

Problem 10.8
Contrast these types of bonds:
(a) Secured and unsecured.
(b) Convertible and callable.

ANSWER (a) The



References: Kimmel, P., Weygandt, J., &Kieso, D. (2007).Financial Accounting: Tools for Business Decision Making.(4thed.) Hoboken, NJ Wiley.

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