The Current Portion of Notes Payable Must Be Reported on the Balance

question 31

True/False

The current portion of notes payable must be reported on the balance sheet under current liabilities and the long-term portion under long-term liabilities.

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Definitions:

False Consensus Effect

Observers’ overestimation of the degree to which everybody else thinks or acts the way they do.

Social Comparison

The process by which individuals evaluate their thoughts, feelings, behaviors, and abilities in relation to others.

False Consensus Effect

A cognitive bias whereby individuals overestimate the extent to which their beliefs, feelings, and behaviors are shared by others.

False Consensus Effect

A cognitive bias whereby people tend to overestimate the extent to which their beliefs, values, opinions, and habits are normal and typical of those of others.