Notes Payable (Due in 60 Days)would Appear on the Balance

question 170

Multiple Choice

Notes payable (due in 60 days) would appear on the balance sheet as a:

• A)current liability.
• B)current asset.
• C)long-term asset.
• D)long-term liability.

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Definitions:

Inclinometer

Used to make angular measurements on driveline components and drivelines; may use a liquid level, laser, or electronic operating principle.

Chassis

The base frame of a vehicle but the term is often used to describe the complete vehicle.

Friction Facings

Materials attached to the surface of clutch and brake components to enhance friction and improve the transfer of force.

Asbestos Facings

Materials containing asbestos used in some brake and clutch systems for their heat resistance properties, now largely replaced due to health risks associated with asbestos inhalation.