2016年美国CPA练习题精选：Financial 3

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On Merf's April 30, 1993, balance sheet a note receivable was reported as a noncurrent asset and its accrued interest for eight months was reported as a current asset. Which of the following terms would fit Merf's note receivable?

a. Principal is due August 31, 1994, and interest is due August 31, 1993, and August 31, 1994.

b. Both principal and interest amounts are payable on December 31, 1993, and December 31, 1994.

c. Principal and interest are due December 31, 1993.

d. Both principal and interest amounts are payable on August 31, 1993, and August 31, 1994.

答案：A

Explanation

Choice "a" is correct, principal is due August 31, 1994 (more than one year after the balance sheet date of April 30, 1993, on which it was reported as a noncurrent asset), and interest is due August 31, 1993, (since the accrued interest for eight months was reported as a current asset due within one year of the balance sheet date), and interest is due August 31, 1994, for the one year from Sept. 1, 1993, to August 31, 1994.

Choice "d" is incorrect. Noncurrent principal at April 30, 1993 must be due after April 30, 1994.

Choice "c" is incorrect. Noncurrent principal at April 30, 1993 must be due after April 30, 1994, and current interest must be paid before April 30, 1994.

Choice "b" is incorrect. Noncurrent principal at April 30, 1993 must be due after April 30, 1994, and current interest must be paid before April 30, 1994.