Match (by letter) the correct reporting method for each of the items listed below. Reporting Method C. Current liability L. Long-term liability D. Disclosure note only N. Not reported Item _____ 1. Accounts payable. _____ 2. A contingent liability that is probable of occurring within the next year and can be estimated. _____ 3. A contingent liability that is reasonably possible of occurring within the next year and can be estimated. _____ 4. Current portion of long-term debt. _____ 5. Sales tax collected from customers. _____ 6. Notes payable due in two years. _____ 7. Customer advances. _____ 8. Commercial paper. _____ 9. Unused line of credit. _____ 10. A contingent liability that is probable of occurring within the next year but cannot be estimated.
Match (by letter) the correct reporting method for each of the items listed below.
Reporting Method
C. Current liability
L. Long-term liability
D. Disclosure note only
N. Not reported
Item
_____ 1. Accounts payable.
_____ 2. A
_____ 3. A contingent liability that is reasonably possible of occurring within the next year and can be estimated.
_____ 4. Current portion of long-term debt.
_____ 5. Sales tax collected from customers.
_____ 6. Notes payable due in two years.
_____ 7. Customer advances.
_____ 8. Commercial paper.
_____ 9. Unused line of credit.
_____ 10. A contingent liability that is probable of occurring within the next year but cannot be estimated.
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