Long-term liabilities are debts that will be paid at least three years into the future
Indicate whether the statement is true or false.
Answer: FALSE
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All of the following accounts have normal credit balances except
a. Accounts Payable b. Common Stock (Capital Stock) c. Investments d. Service Revenue
Sharod witnesses a coworker accepting a particularly lavish lunch at the expense of a client, which is a code of conduct violation. Which of the following conditions would make Sharod the most likely to report the violation to superiors?
a. Sharod knows this person has never been warned before for ethics violations. b. Sharod knows that most of his coworkers are not aware of the specific provisions of the code. c. Sharod knows that many coworkers would retaliate against him for reporting violations. d. Sharod knows most of his coworkers disapprove of this kind of violation.
Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as
A) selling expenses B) general expenses C) other expenses D) administrative expenses
A $10,000, 6%, 60-day note is received today. Because the business is short of cash, the note is discounted with a lender immediately (same day). If the discount rate charged by the lender is also 6%, what will be the amount of the interest expense incurred on this transaction?
a. $100 b. $1 c. $10 d. $50 e. None of the above