The Simple Interest Note Was Discounted at 15

question 41

Multiple Choice

The simple interest note was discounted at 15%. Find the discount period in days and the proceeds.
-Loan made: Oct 13
Face value: $52,000
Length of loan: 100 days
Rate: 11%
Date of discount: Jan 4

• A)17 days, $51,620.41
• B)18 days, $53,294.15
• C)18 days, $51,705.26
• D)17 days, $53,209.30

Recognize ethical dilemmas auditors may encounter and understand the role GAAP plays in such dilemmas.

Analyze the considerations and issues surrounding the adoption of IFRS by the SEC.

Identify and understand different types of pronouncements issued by the FASB and their purposes.

Describe the FASB initiatives aimed at converging U.S. accounting standards with international standards.

---

Definitions:

Loyal Customers

Loyal customers are individuals who repeatedly purchase products or services from the same brand, showing a preference and commitment to that brand over competitors.

Fickle Customers

Consumers who frequently change their preferences or brand loyalty, often influenced by trends or competitive offerings.

Marketing Plans

Detailed, strategic documents that organizations use to outline their advertising and marketing efforts for a specific period, highlighting actions to achieve marketing objectives.

Persuasive Documents

Written materials designed to convince or influence the reader's thoughts or actions.