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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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Karl
3 months ago
Wait, which one is the discount and which one is the premium again? Ah, nevermind, B) Debited, credited is the correct answer. I won't bond-er you with any more puns.
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Lilli
1 months ago
I won't bond-er you with any more puns.
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Lili
1 months ago
Wait, which one is the discount and which one is the premium again? Ah, nevermind, B) Debited, credited is the correct answer.
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Elvera
1 months ago
B) Debited, credited
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Haydee
2 months ago
A) Credited, debited
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Margart
3 months ago
Aha, I knew those deferred and accrued accounts would trip me up. B) Debited, credited is the way to go.
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Eveline
1 months ago
It's all about knowing which accounts to debit and credit in different situations.
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Valentin
1 months ago
Yes, the discount on bonds payable is debited and the premium on bond payable is credited.
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Alysa
2 months ago
I agree, B) Debited, credited is the correct answer.
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Thersa
3 months 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
3 months ago
Hmm, this seems straightforward. I'm going with B) Debited, credited. Gotta love those bond accounting basics!
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Tamar
2 months ago
Yes, when a bond sells at a discount, the discount on bonds payable account is debited and the premium on bond payable is credited.
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Jamey
3 months ago
I agree, B) Debited, credited is the correct answer.
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Doretha
3 months 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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Johnetta
2 months ago
Thanks for the clarification!
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Rosendo
2 months ago
So the correct answer is B) Debited, credited.
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Lili
2 months ago
That's correct. And the premium on bonds payable account is credited when a bond sells at a premium.
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Hermila
2 months ago
I agree, the discount on bonds payable account is debited when a bond sells at a discount.
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Micaela
3 months 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
4 months ago
I think the correct answer is A) Credited, debited.
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