93. When a note receivable is dishonored, it is charged to an account receivable from its maker.

True or False

91. Notes receivable are classified as current liabilities regardless of the time to maturity.

True or False

88. The allowance for doubtful accounts is decreased through write-offs.

True or False

79. Sellers can report credit card expense on the income statement as a discount subtracted from sales.

True or False

69. Which of the following pertaining to cash equivalents is false?

Multiple Choice

• They are readily convertible to a known cash amount.

• They must usually be within three months of their due date.

• They are close enough to their due date so that their market value will not greatly change.

• They include short-term U.S. treasury bills.

• They include long-term investments.