A short-term note payable: O Is a written promise to pay a specified amount on a definite future date within one year or the company's operating cycle whichever is longer O Is a contingent liability O Is an estimated liability Is not a liability until the due date O Cannot be used to extend the payment period for an account payable
A short-term note payable: O Is a written promise to pay a specified amount on a definite future date within one year or the company's operating cycle whichever is longer O Is a contingent liability O Is an estimated liability Is not a liability until the due date O Cannot be used to extend the payment period for an account payable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A short-term note payable:
O Is a written promise to pay a specified amount on a definite future date within one year or the company's operating cycle,
whichever is longer
O Is a contingent liability
O Is an estimated liability
O Is not a liability until the due date
O Cannot be used to extend the payment period for an account payable
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