When the Interest Payment Dates of a Bond Are May

question 4

Multiple Choice

When the interest payment dates of a bond are May 31 and November 30, and a bond issue is sold on July 1, the amount of cash received by the issuer will be:

• A)Increased by accrued interest from May 31 to July 1.
• B)Decreased by accrued interest from July 1 to November 30.
• C)Unaffected by accrued interest.
• D)Increased by accrued interest from July 1 to November 30.
• E)Decreased by accrued interest from May 31 to July 1.

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