Under ASPE, probable, relating to recognition criteria, is interpreted as a 100% chance of occurrence. a high chance of occurrence. a greater than 50% chance of occurrence. a 75% or more chance of occurrence. Which of the following violates the monetary unit concept when measuring, recording, and reporting financial information? Canadian dollar U.S. dollar Customer loyalty Euros If the market rate of interest is greater than the contractual rate of interest, bonds will sell at a premium. only after the stated rate of interest is increased. at a discount. at face value. here are three steps required to calculate amortization using the effective-interest lethod. Which one of the following is NOT a required step? Calculate interest expense on the carrying amount of the bonds. Calculate bond interest paid. Calculate the amortization amount. Calculate interest expense on the fair value of the bonds. Which of the following is necessary when recording the redemption of bonds? record the gain or loss on redemption record the cash paid eliminate the carrying amount of the bonds all of these The reduction in the principal for non-current instalment notes payable for the next year is reported as a: current liability. non-current liability. contingent liability. classified liability. An increase in the interest coverage ratio indicates primarily that the corporation's solvency has improved. liquidity has improved. liquidity has deteriorated. solvency has deteriorated