Even Though Current and Non-Current Debt Must Be Shown Separately

question 116

True/False

Even though current and non-current debt must be shown separately on the statement of financial position, it is not necessary to prepare a journal entry to recognize this.

---

Definitions:

Logical Reasoning

A method that involves a logical, ordered set of stages founded on solid mathematical methods and provided assertions to reach a conclusion.

Focus on Appearance

The attention or emphasis placed on how something looks or appears, often over its other qualities or characteristics.

Reversibility

In cognitive development, the understanding that actions can be reversed, allowing things to return to their original state; considered a key stage in Piaget’s theory of cognitive development.

Vocabulary

The range of words known and used by a person in a particular language.