Question: 1.Accrued interest on a note payable is an asset use transaction. Group of answer choices True False 2.If a company determines that the likelihood of

1.Accrued interest on a note payable is an asset use transaction.

Group of answer choices True False

2.If a company determines that the likelihood of a future obligation arising from a contingent liability is possible, the company must record a liability on its balance sheet.

Group of answer choices True False

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