Which the notes payable should be reclassified as

Assignment Help Accounting Basics

Reference no: EM132781391

Problem 1: Which of the following is a limitation of the balance sheet?

a. Many items that are of financial value are omitted.

b. Judgments and estimates are used.

c. Current fair value is not reported.

d. All of these

Problem 2: What is the appropriate treatment for a contingent asset in the financial statements of an entity?

a. Disclosure of information in the notes but not recognized in the financial statements.

b. Recognition in the financial statements and a note disclosure.

c. Recognition in the financial statements but no further disclosure in the notes.

d. Not recognized in the financial statements and neither disclosed in notes.

Problem 3: If an entity expects and has the discretion to refinance on a long-term basis, the notes payable should be reclassified as

a. Current Liabilities

b. Noncurrent Asset

c. Non-current Liabilities

d. Current liabilities

Reference no: EM132781391

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