A Short-Term Note Payable

question 60

Multiple Choice

A short-term note payable:

• A) Is a contingent liability.
• B) Is a written promise to pay a specified amount on a definite future date within one year or the company's operating cycle, whichever is longer.
• C) Is an estimated liability.
• D) Is not a liability until the due date.
• E) Cannot be used to extend the payment period for an account payable.

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