When Contract Terms Prohibiting the Assignment of Rights Exist,most Courts

question 76

Multiple Choice

When contract terms prohibiting the assignment of rights exist,most courts will:

• A) strictly construe them.
• B) interpret a general term prohibiting assignments as rendering any assignment ineffective.
• C) award the obligor no right to damages for breach of a general term prohibiting assignments.
• D) All of these.

Comprehend the journal entry recording for various types of bond transactions, such as issuance, interest payments, and amortization.

Identify and describe the amortization methods available for bond premiums and discounts.

Understand the concept and application of present value in the context of bonds and long-term liabilities.

Grasp the key attributes and accounting treatment of installment notes, including their payment schedules.

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Definitions:

Adjustment

A change made to a financial record to correct or update the information.

Supplies

Items used in the operation of a business that are not directly associated with the products or services being sold, such as office supplies.

Contra-Asset

An account that reduces the value of an asset account with which it is paired, used to account for allowances, depreciations, or impairments.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against an asset over its useful life to date.