ACC 1O1/102/202
ACC/FIN/110.
Accounting
CPA 2026/2027 BUSINESS
, ACC 101 Final Exam Review
Exam questions with correct
answers 2026/2027 Edition
Graded A+
1. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 98.
Assuming straight-line amortization and annual interest payments,
how much bond interest expense is recorded on the next interest
date? - ✅✅$54,000
2. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 105.
Assuming straight-line amortization and annual interest payments,
how much bond interest expense is recorded on the next interest
date? - ✅✅$40,000
3. If the market rate of interest is 10%, a $100,000, 8%, 10-year bond
that pays interest annually would sell at an amount - ✅✅less than
face value.
4. West County Bank agrees to lend Drake Builders Company $400,000
on January 1. Drake Builders Drake Builders Company signs a
$400,000, 6%, 6-month note. The entry made by Drake builders
ACC/FIN/110.
Accounting
CPA 2026/2027 BUSINESS
, ACC 101 Final Exam Review
Exam questions with correct
answers 2026/2027 Edition
Graded A+
1. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 98.
Assuming straight-line amortization and annual interest payments,
how much bond interest expense is recorded on the next interest
date? - ✅✅$54,000
2. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 105.
Assuming straight-line amortization and annual interest payments,
how much bond interest expense is recorded on the next interest
date? - ✅✅$40,000
3. If the market rate of interest is 10%, a $100,000, 8%, 10-year bond
that pays interest annually would sell at an amount - ✅✅less than
face value.
4. West County Bank agrees to lend Drake Builders Company $400,000
on January 1. Drake Builders Drake Builders Company signs a
$400,000, 6%, 6-month note. The entry made by Drake builders
