ACCT 4A, Chapter 11 Terms Review
Review of the Terms for Chapter 11.
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Topics of this game:
- What are debts that are owed to creditors?
- Which of the following is not a characteristic of liabilities?
- Which type of liability is described as one that need to be paid within one year or one operating cycle of a company?
- Which of type of liability is described as one that does not need to be paid within one year or operating cycle of a company?
- True or False: Accounts payable is an example of a long-term liability.
- Which of the following is NOT a current liability?
- True or False: Notes payables are a special case of liabilities because they can be classified as either current or long-term.
- True or False: Some liabilities may not have a value that can be determined, in this case we use an estimate.
- Which of the following is NOT a liability that may be estimated?
- What is described as a liability that may or may not happen depending on future events?
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