ACC 556 Chapter 11 Quiz ( 100 % Score )
ACC 556 Chapter 11 Quiz ( 100 % Score )
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Chapter 11 Quiz Question 1
A current liability must be paid out of current earnings . Question 2
Most notes are not interest bearing Question 3
Unearned revenues are received before goods are delivered or services are rendered . Question 4
The carrying value of bonds is calculated by adding the balance of the Discount on Bonds Payable account to the balance in the Bonds Payable account . Question 5
Material gains or losses on bond redemption are reported as an extraordinary item on the income statement . Question 6
Liabilities are classified on the balance sheet as current or Question 7