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ACC 304 Week 9 Quiz – Strayer NEW Week 9 Quiz 5: Chapter 13, Quiz 6: Chapter 14
CURRENT LIABILITIES AND CONTINGENCIES IFRS questions are available at the end of this chapter. TRUE-FALSE— Conceptual
1. A zero-interest-bearing note payable that is issued at a discount will not result in any interest expense being recognized.
2. Dividends in arrears on cumulative preferred stock should be recorded as a current liability.
3. Magazine subscriptions and airline ticket sales both result in unearned revenues.
4. Discount on Notes Payable is a contra account to Notes Payable on the balance sheet.
5. All long-term debt maturing within the next year must be classified as a current liability on the balance sheet.
6. A short-term obligation can be excluded from current liabilities if the company intends to refinance it on a long-term basis.