Paying a current liability with cash will always reduce the current ratio.

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Quiz
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Education
•
12th Grade
•
Easy
Editha Trinidad
Used 4+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
T
F
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Current liabilities are usually recorded and reported in financial statements at their full maturity value.
T
F
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Warranty provision is a provision recognized in the period of related sales.
T
F
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A zero-interest-bearing long term note payable that is issued at a discount will not result in any interest expense being recognized.
T
F
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
If a long-term note payable has a stated interest rate, that rate should be considered to be the effective rate.
T
F
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A long-term debt maturing currently is classified as a current liability
when it is to be paid with cash in a sinking fund
when it is to be retired with proceeds from a new debt issue
when it is to be converted into common stock
when it is to be paid with current assets
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The term used for bonds that are unsecured as to principal is
junk bonds.
debenture bonds.
indebenture bonds.
callable bonds.
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