ch10+quiz+10F - NAME_Section_Chapter 10 quiz 2010 Fall 1....

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NAME____________________________Section________________________Chapter 10 quiz 2010 Fall 1. Interest expense is reported under Other Expenses and Losses in the income statement. a. True b. False 2. .Notes payable usually require the borrower to pay interest. a. True b. False 3. Liabilities are classified on the balance sheet as current or a. deferred. b. unearned. c. long-term. d. accrued. 4. Most companies pay current liabilities a. out of current assets. b. by issuing interest-bearing notes payable. c. by issuing stock. d. by creating long-term liabilities. 5. As interest is recorded on an interest-bearing note, the Interest Expense account is a. a. increased; the Notes Payable account is increased. b. b. increased; the Notes Payable account is decreased. c. c. increased; the Interest Payable account is increased. d. d. decreased; the Interest Payable account is increased. 6. Sales taxes collected by a retailer are recorded by a. a. crediting Sales Taxes Revenue. b.
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This note was uploaded on 12/05/2011 for the course ACCT 207 taught by Professor Hudchinson during the Fall '08 term at University of Delaware.

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ch10+quiz+10F - NAME_Section_Chapter 10 quiz 2010 Fall 1....

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