When a Long-Term Note Payable That Requires Annual Instalment Payments

question 12

True/False

When a long-term note payable that requires annual instalment payments is initially recorded,it is first recorded as a long-term note payable.Then,at the same date,a second entry is made to reclassify the current portion.

---

Definitions:

Recent Marriage

A marital union that has been established or formalized not long ago, typically within the past few years.

Unmarried People

Individuals who are not legally bound in marital union; often referred to as singles.

Married People

Individuals who have entered into a legally recognized union, typically involving both personal and legal commitments to a partner.

Marital Satisfaction

The degree of contentment and happiness an individual experiences in their marriage, influenced by various factors such as communication, compatibility, and mutual respect.