Question

Match (by letter) the correct reporting method for each of the items listed below.
Reporting Method _______________________________________________________
C = Current liability
L = Long-term liability
D = Disclosure note only
N = Not reported
Item____________________________________________________________________
_________ 1. Accounts payable.
_________ 2. Current portion of long-term debt.
_________ 3. Sales tax collected from customers.
_________ 4. Notes payable due next year.
_________ 5. Notes payable due in two years.
_________ 6. Advance payments from customers.
_________ 7. Commercial paper.
_________ 8. Unused line of credit.
_________ 9. A contingent liability with a probable likelihood of occurring within the next year and can be estimated.
_________10. A contingent liability with a reasonably possible likelihood of occurring within the next year and can be estimated.



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  • CreatedJuly 15, 2014
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