"Financial Report":Loan contract

来源: 正保会计网校编辑：小鞠橘桔 2020/12/04 14:14:55　字体：大小

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Questions 1:

A company that provides cruise ship vacations uses term loans to finance the acquisition of new cruise ships. Which of the following is most likely a negative covenant for the loans? The company must:

A 、ensure the ships are insured.

B、 seek lender approval to pay dividends.

C、 maintain a minimum level of working capital.

Questions 2:

A company issued bonds in 2012 that mature in 2022. The measurement basis that will most likely be used on the 2012 balance sheet for the bonds is:

A、 amortized cost.

B 、market value.

C 、historical cost.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. Negative covenants require that a borrower not take certain actions. The requirement to seek the lender’s approval before paying dividends is an example of a negative covenant. The other two are affirmative covenants.

A is incorrect. This is an affirmative covenant. The bank would want to ensure that the ships, or collateral for the loan, are adequately insured.

C is incorrect. This is an affirmative covenant. Maintaining a minimum level of working capital is often a covenant to ensure the company has adequate levels of liquidity to make the interest payments.

【Answer to question 2】A

【analysis】

A is correct. Bonds payable issued by a company are financial liabilities that are usually measured at amortized cost.

B is incorrect. Only financial liabilities held for trading are measure at market value, and that does not include bonds issued by the company.

C is incorrect. Historical cost would record the bonds at the value at date of issue and not amortize the bond premium or discount over the life of the bond.

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