A Discount on a Noninterest-Bearing Note Payable Is Classified in the Balance

question 150

Multiple Choice

A discount on a noninterest-bearing note payable is classified in the balance sheet as:

• A) An asset.
• B) A component of shareholders' equity.
• C) A contingent liability.
• D) A contra liability.

---

Definitions:

Ecstasy

Ecstasy commonly refers to a heightened state of intense joy or happiness, or a synthetic drug known for inducing euphoria and altering perception.

Self-actualizers

Individuals who have fulfilled their potential and have realized their abilities, often associated with Maslow's hierarchy of needs.

Maslow

Abraham Maslow was an American psychologist who is best known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs.

Accept

To receive willingly or agree to something with approval or favorable reception.