Which of the following is a current liability? (a) Notes Payable (due in 2 years) (b) Bonds Payable (c) Unearned Revenue (d) Equipment
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- True (t) or False (f) _____ Current maturities of long-term debt refers to the amount of interest on a note payable that must be paid in the current year)Which of the following is not a characteristic of a short-term note payable? A. Payment is due in less than a year. B. It bears interest. C. It can result from an accounts payable conversion. D. It is reported on the balance sheet under noncurrent liabilities.Which of the following would most likely be classified as a current liability? Bonds payable Accounts payable O Mortgage payable O Three-year notes payable
- Balance sheet values are calculated using compound interest (present value) calculations for all of the following except a.bonds payable. b.long-term notes receivable. c.long-term lease liabilities. d.deferred income taxes.The debts which are to be repaid within a short period (a year or less) are referred to as, A) Current Liabilities B) Fixed liabilities C) Contingent liabilities D) All the aboveWhen are liabilities recorded under the accrual basis of accounting? When incurred When paid At the end of the fiscal year When bank accounts are reconciled
- In the amortization of loans, interest must be paid at the beginning of each period calculated on the balance of the principal amount due (unpaid balance). TRUE OR FALSE?Where is debt callable by the creditor reported on the debtor's financial statements? a) Long term liability b) Current liability if the creditor intends to call the debt within the year , otherwise a long term liability. c) Current liability if it is probable that creditor will call the debt within the year, otherwise a long term liability. d) current liabilityGodo
- 2. Bond issue costs, such as printing fees, legal fees, commissions, etc. are most appropriately accounted for by: a. charging them to an expense account in the year the bonds are actually sold. b. debiting them to unamortized bond issue costs, setting them as a deferred charge on the statement of financial position, and amortizing them in a manner similar to bond discount over the life of the bond. c. charging them to an expense account in the year the bonds are originally dated whether or not they are sold in that year. d. considering them in the measurement of the bonds payable.NoneOn which notes receivable and notes payable is it necessary to record accrued interest at the end of the period?
