Listed below are five terms are followed by a list of phrases that describe or characterize the terms. Match each phrase with the correct term by placing the letter designating the best term in the space provided by the phrase.

1. Disclosure notes in financial statements a, Present value of interest plus present value of principal.

2. Commercial paper b. Required for contingent liabilities.

3. Current liabilities c. Normally payable with current assets.

4. Usual valuation of long-term liabilities d. Short-term debt to be refinanced with long-term bonds

to the same lender.

5. Long-term e. Avoids registration with