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ACC 422 Week 4 DQs__2 Sets of Answers

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ACC 422 Week 4 DQs__2 Sets of Answers

Why is unearned revenue a liability and not asset?

 

What are the criteria for recording contingencies?

 

Why is it important to classify a portion of long-term debt on a yearly basis as a current liability?

 

How do you value bonds? What factors can affect that value?

 

What are the two methods for recording amortization of bond premiums and discounts? Which is best? Why?