Interest on Receivables and Payables
- Why was APB Opinion No. 21 issued?
- What types of notes are covered by this opinion?
- How is total interest defined in a note?
- When the face amount of a note and the proceeds from the note differ, what is the difference called?
- How is the difference between the face of the note and the proceeds accounted for?
- When a note is exchanged for cash plus some stated or unstated right or obligation, how should the note be accounted for?
- If a note is exchanged for property, goods or services, and the note contains an unrealistic interest rate, how should the note be accounted for?
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