The Journal Entry for Accrued Interest on a Note Payable

question 72

Multiple Choice

The journal entry for accrued interest on a note payable includes ________.

• A) a debit to Interest Expense and credit to Cash
• B) a debit to Interest Expense and credit to Interest Payable
• C) a debit to Interest Payable and credit to Cash
• D) a credit to Interest Expense and debit to Notes Payable

---

Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board for financial reporting globally.

Party Affiliation

The formal association or identification of an individual with a political party, often influencing voting behavior and political perspectives.

Economic Status

A measure of a person's or population's financial health and stability, often determined by income, wealth, and employment.

Propaganda

Information, especially of a biased or misleading nature, used to promote a political cause or point of view.