Test Bank for Fundamental Accounting Principles 25th Edition by John Wild, Ken Shaw
ISBN-13: 7985
Chapter 1: Accounting in Business
Chapter 2: Analyzing and Recording Transactions
Chapter 3: Adjusting Accounts for Financial Statements
Chapter 4: Completing the Accounting Cycle
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Appendix B
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Interest is the borrower’s payment to the owner of an asset for its use.
⊚ true
⊚ false
2) The future value computation is used to compute the value of future-day assets today.
⊚ true
⊚ false
3) An interest rate is also called a discount rate.
⊚ true
⊚ false
4) Present and future value computations enable companies to measure or estimate the
interest component of holding assets or liabilities over time.
⊚ true
⊚ false
5) The number of periods in a present value calculation may only be expressed in years.
⊚ true
⊚ false
6) The present value factor for determining the present value of $6,300 to be received three
years from today at 10% interest compounded semiannually is 0.7462. (PV of $1, FV of $1, PVA
of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.)
⊚ true
⊚ false
7) The present value of $1 formula is often useful when a borrowed asset must be repaid in
full at a later date and the borrower wants to know the worth of the asset at the future date.
⊚ true
⊚ false
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