When a Company Accrues Interest Payable on a Long-Term Note

question 128

True/False

When a company accrues interest payable on a long-term note at year-end,the interest payable must be shown as a long-term liability on the balance sheet,along with the long-term note payable balance.

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Definitions:

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Cerebrovascular Accident

A medical term for a stroke, a condition where the blood supply to a part of the brain is interrupted or reduced, causing brain cells to die.

Abbreviation

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A condition where the cushion-like pads between the vertebrae move out of position and press on adjacent nerves, causing pain.