Current labilities include account, payable, accrued expend and current port,or oflong-term debt True False 14 If a bond u callable, the call priceis usually higher than the face value of the bond True False 15 Bonds, with the same face value, issued at a premium, will have the same value at maturity as bonds at a discount True False 16 The account Discount on Bonds Payable has a debit balance and should appear on the balance sheet as an asset, the account Premium on Bonds Payable has a crcdit balance and should be classified as a liability True False 17 Liquidity is the ability to pay debts as they come due True False 18 rhe distinction between current and long-term liabilities affects the evaluation of a company's liquidity True False 19 The amortization of bond discount by the issuing company decreases the carrying value of its bonds payable True False 20 If ACME purchases a capital asset for $10,000 on November 1.2013 with a one year note payable from a bank on November I, 2014 at 6% interest, the amount of interest expense that ACME must accrue at December 31 is $100 True False 21 Refer to facts above ACME recognizes $500 of interest in 2014 even though it will repay the bank SI0.600 on November I True False 22. Current liabilities are debts and obligations that a company expects to satisfy within one year or within its normal operating cycle True False 23 Hie cash interest paid on a bond will always be the staled interest rate times the maturity value of the bond no matter what the premium or discount is (bonds don't think) True False 24 If a lease has a bargain purchase option it is a capital lease True False 25. An operating lease is a form of "ofTbalance sheet" financing True False