A Note Payable Can Be Classified Either as a Long-Term

question 75

True/False

A note payable can be classified either as a long-term liability or a short-term liability,depending on the discretion of the accountant.

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Definitions:

Helping Behaviors

Refers to actions taken to benefit another person or group without expecting anything in return.

Drive-Reduction Theory

A theory in psychology that explains motivation as being rooted in the desire to reduce internal tensions caused by unmet biological needs.

Internal Tension

Psychological stress or discomfort that arises from conflicting beliefs, thoughts, or feelings within oneself.

Unmet Biological Needs

Basic physiological requirements including food, water, shelter, and warmth that are not adequately satisfied, impacting overall health and well-being.