AICPA每日一練之FAR【2015-12-24】

高頓網校2015-12-24 09:54Lynn.yu
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Diamond Bank approves a 10-year loan to Matt Schweitzer. In doing so, Diamond Bank incurs $2,000 of loan origination costs (attorney fees, title insurance, wages of employees’ direct work on loan origination). The loan origination fees shall be

A. Deferred and recognized upon final payment of the loan.

B. Reported as service fee income.

C. Deferred and recognized over the life of the loan as an adjustment of yield (interest income).

D. Recognized as revenue when the loan is granted.

Answer:C

This answer is correct. The lender shall defer and recognize loan origination costs over the life of the loan when the costs relate directly to the loan and would not have been incurred but for the loan.

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