Question Details

Most companies pay current liabilities 



1.	All of the following are reported as current liabilities except

	2.	Most companies pay current liabilities 

	3.	A current liability is a debt that can reasonably be expected to be paid

	4.	Liabilities are classified on the statement of financial position as current or

	5.	The relationship of current assets to current liabilities is used in evaluating a company's

	6.	Which of the following is usually not an accrued liability?
 
7.	In most companies, current liabilities are paid within


	8.	The entry to record the issuance of an interest-bearing note credits Notes Payable for the note's

	9.	With an interest-bearing note, the amount of assets received upon issuance of the note is generally

	10.	A note payable is in the form of

	11.	Admire County Bank agrees to lend Givens Brick Company $300,000 on January 1. Givens Brick Company signs a $300,000, 8%, 9-month note. The entry made by Givens Brick Company on January 1 to record the proceeds and issuance of the note is
	
12.	Admire County Bank agrees to lend Givens Brick Company $300,000 on January 1. Givens Brick Company signs a $300,000, 8%, 9-month note. What is the adjusting entry required if Givens Brick Company prepares financial statements on June 30?

	13.	Admire County Bank agrees to lend Givens Brick Company $300,000 on January 1. Givens Brick Company signs a $300,000, 8%, 9-month note. What entry will Givens Brick Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?



	14.	As interest is recorded on an interest-bearing note, the Interest Expense account is


	15.	When an interest-bearing note matures, the balance in the Notes Payable account is

 16.	On October 1, Steve's Carpet Service borrows €400,000 from First National Bank on a 3-month, €400,000, 8% note. What entry must Steve's Carpet Service make on December 31 before financial statements are prepared?

	17.	On October 1, Steve's Carpet Service borrows €400,000 from First National Bank on a 3-month, €400,000, 8% note. The entry by Steve's Carpet Service to record payment of the note and accrued interest on January 1 is

	18.	Interest expense on an interest-bearing note is


 19.	On September 1, Joe's Painting Service borrows $100,000 from National Bank on a 4-month, $100,000, 6% note. What entry must Joe's Painting Service make on December 31 before financial statements are prepared?


	20.	On September 1, Joe's Painting Service borrows $100,000 from National Bank on a 4-month, $100,000, 6% note. The entry by Joe's Painting Service to record payment of the note and accrued interest on January 1 is




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