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IIA Exam IIA-CFSA Topic 7 Question 27 Discussion

Actual exam question for IIA's IIA-CFSA exam
Question #: 27
Topic #: 7
[All IIA-CFSA Questions]

The ''discount on bonds payable'' account is __________when a bound sells at discount. The ''premium on bond payable'' is ____________ when a bond sells a premium.

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Suggested Answer: C

by Joanna at Dec 29, 2022, 01:01 AM

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Thersa
6 days ago
I'm not sure about that, I think it might be B) Debited, credited. Can someone explain why the premium on bond payable would be credited?
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Toi
6 days ago
Hmm, this seems straightforward. I'm going with B) Debited, credited. Gotta love those bond accounting basics!
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Doretha
8 days ago
I think the correct answer is B) Debited, credited. The discount on bonds payable account is debited when a bond sells at a discount, and the premium on bonds payable account is credited when a bond sells at a premium.
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Micaela
8 days ago
I agree with Timothy, because when a bond sells at a discount, the discount on bonds payable account is credited and the premium on bond payable is debited.
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Timothy
17 days ago
I think the correct answer is A) Credited, debited.
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