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Ch13 - Practice Set Solutions Chapter 13 Current...

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Practice Set – Solutions – Chapter 13 - Current Liabilities Q1. Which of the following should not be included in the current liabilities section of the balance sheet? a. Trade notes payable b. Short-term zero-interest-bearing notes payable c. The discount on short-term notes payable d. All of these are included Q2. Of the following items, the only one which should not be classified as a current liability is Q3. Which of the following sets of conditions would give rise to the accrual of a contingency under current generally accepted accounting principles?
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