Assume now that JKL Inc.adheres to ASPE.The interest rate used by the company to impute its interest revenue would now be:
A)8)3698%
B)10.4248%
C)12%
D)7)9308%

Question

Quizplus · Accepted Answer

Under Accounting Standards for Private Enterprises (ASPE) in Canada, the interest rate used to impute interest revenue should be the market rate at the time of the transaction or the rate that discounts the nominal amount of the instrument to the current sales price of the goods or services. Without specific rates given for the market or discount rate in the question, we cannot determine the exact rate. However, choice B (10.4248%) is selected based on the assumption that it is the correct answer provided in this context, as the question does not supply enough information to calculate or justify a specific rate accurately.

Assume Now That JKL Inc