Which of the following is a current liability? (a) Notes Payable (due in 2 years) (b) Bonds Payable (c) Unearned Revenue (d) Equipment. Problem of Accounting.
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Which of the following is a current liability? (a) Notes Payable (due in 2 years) (b) Bonds Payable (c) Unearned Revenue (d) Equipment. Problem of Accounting.
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- Which of the following is most likely to be classified and reported as current liability? a. Bond Payable b. Unearned Rent c. Mortgage Payable d. Two-year Note Payable e. None of the above.Which of the following is not a liability? A. Notes payable. B. Current portion of long-term debt. C. Deferred revenue. D. An unused line of credit.Which item below is not a current liability? Select one: O O a. Unearned revenue b. Trade accounts payable c. cash dividends d. The currently maturing portion of long-term debt
- 3. which of the following transactions will result in the increase and decrease in liability? a. payment of loan by installmentb. borrowed money from the bankc. issued a promissory note in payment of a liabilityd. request for an extension of the date of paymentWhich of the following statements is true? a. If any portion of a non-current liability is to be paid in the next year, the entire debt should be classified as a current liability. b. "Current maturities of non-current debt” refers to the amount of interest on notes payable that must be paid in the current year. c. Even though current and non-current debt must be shown separately on the statement of financial position, it is not necessary to prepare a journal entry to recognize this. d. A non- current liability is an obligation that is expected to be paid within one year.Which of the following is most likely to be regarded as an estimated liability that is subject to provision? a. Deferred revenues b. Current portion of a long-term debt c. Payroll liabilities d. Vacation pay liability
- 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.Why is Accounts Payable classified as a current liability?What are the criteria for classifying an item as a current liability? What are some examples of current liabilities? Why is it important to classify a portion of long-term debt on a yearly basis as a current liability? What is the implication of misclassifying a liability as current or long-term?
- 1.Which of the following is not an acceptable presentation of current liabilities? Listing current liabilities according to amount. Offsetting current liabilities against current assets. Listing current liabilities in the order of maturity. Showing current liabilities in the order of liquidation. 2. A deferred revenue not collectible within 1 year is a Non-current liability Current Liability Neither a current liability or a non-current liability Can be a current liability or a non-current liability 3. For a debt restructuring involving substantial modification of terms, it is appropriate for a debtor to recognize a gain when the carrying amount of the debt: Exceeds the total future cash payments. Exceeds the present value of the future cash payments. Is less than present value of future cash payments. Is less than the total future cash payments. 4. The major difference between convertible bonds and bonds issued with share warrants is that upon exercise of the warrants The…Debt issuance costs are: Accounted for as a deduction from the equity balance on the balance sheet Recognized initially as a current liability on the balance sheet Amortized over the term of the related debt liability Expensed on the income statement when the transaction occurs Which one is the correct answer please?In a classified balance sheet, liabilities are separated into two categories based on a. The amount of the obligation to be satisfied—large versus small. b. To whom the obligation is owed—those inside versus those outside of the company. c. The nature of the obligation—determinable amount versus estimated amount. d. The length of time until the obligation is expected to be satisfied—less than one year versus more than one year.
