ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 294

c. Present values are used to measure all liabilities.

d. Present values are only used to measure long-term liabilities.

38. What is a discount as it relates to zero-interest-bearing
notes payable?

a. The discount represents the lender's costs to underwrite the
note.