Indicate How Each Event Affects the Elements of Financial Statements

question 46

Essay

Indicate how each event affects the elements of financial statements.Use the following letters to record your answer in the box shown below each element.Use only one letter for each element.You do not need to enter amounts.

-On December 31,2016,Briand Co.paid cash for interest on bonds it had issued on January 1,2016 at 98,and amortized part of the discount on bonds.Briand Co.uses the straight-line method of amortizing bond discounts.Indicate the effects of the amortization of the discount only.

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Definitions:

Double-Barreled Questions

Questions that attempt to get at multiple issues at once, and so tend to receive incomplete or confusing answers.

Emotional Language

Language specifically chosen to provoke emotional reactions, often to persuade or convey intense feelings.

Ambiguous

Something that can be understood in more than one way or is not clearly defined or determined.

Open-Ended

Describes questions, discussions, or formats that allow for a wide range of responses or outcomes, without a predetermined limit or conclusion.