A Lacrosse Store Employee Is Counted on to Repair and Restring

question 23

Multiple Choice

A lacrosse store employee is counted on to repair and restring broken lacrosse sticks. This employee has _________.

• A) legitimate power.
• B) power but no authority.
• C) expert power.
• D) both power and authority.
• E) authority but no power.

Distinguish between the effective-interest and straight-line methods in terms of interest expense calculation and amortization.

Understand the accounting entries related to bond issuance, interest payment, and amortization.

Recognize the effects of bond retirement on financial statements.

Calculate semiannual interest expenses and understand their impact on bond liability.