The Current Portion of Notes Payable Would Normally Be Shown

question 53

True/False

The current portion of notes payable would normally be shown on the balance sheet in non-current liabilities.

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Definitions:

Express Ratification

The explicit approval or confirmation by a principal of an act or contract performed or entered into on their behalf by an agent.

Restitution

The compensation for loss, damage, or injury required to be paid by the party responsible for causing it, aiming to restore the victim to their original position.

Age of Majority

The legally recognized age at which an individual is considered an adult and responsible for their actions.

Exculpatory Clause

A contract provision that relieves one party from liability for wrongdoing or negligence.