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5 Cards in this Set
- Front
- Back
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If a company borrows a non-interest bearing note (discounted):
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the effective rate is higher than the stated rateq
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Current liabilities can be reported as long-term liabilities if...
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the company has the intent and the ability to refinance its debt
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Which of the following situations would require that long-term liabilities be reported as current liabilities on the classified balance sheet?
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the company issued 10-year bonds that are callable in the upcoming year
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If the contingency is probable and known how is it reported?
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liability accrued and disclosure note
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If the contingency is probable and reasonably estimable how is it reported?
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Liability accrued and disclosure note
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