Notes Receivable Due in 60 Days Would Be Classified as A

question 88

Multiple Choice

Notes receivable due in 60 days would be classified as a:

• A)current liability on the Balance Sheet.
• B)current asset on the Balance Sheet.
• C)long-term asset on the Balance Sheet.
• D)long-term liability on the Balance Sheet.

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Definitions:

First Impressions

The initial and quick judgments one makes about a person, place, or thing upon first encountering them.

Assumptions

Beliefs or ideas accepted as true without proof, often used as a starting point for reasoning and decision making.

Company Policy

A set of rules or guidelines developed by a business to outline its operations, standards, and ethical expectations.

Flip Flops

A type of light sandal, typically with a flat sole connected to the foot by a Y-shaped strap that passes between the first and second toes and around both sides of the foot.