Strayer ACC 556 Chapter 10 Quiz
Strayer ACC 556 Chapter 10 Quiz Question 1 A current liability must be paid out of current earnings. Question 2 Most notes are not interest bearing. Question 3 Unearned revenues are received before goods are delivered or services are rendered. Question 4 The carrying value of bonds is calculated by adding the balance of the Discount on Bonds Payable account to the balance in the Bonds Payable account. Question 5 Material gains or losses on bond redemption are reported as an extraordinary item on the income statement. Question 6 Liabilities are classified on the balance sheet as current or Question