Unearned revenues represent a current liability that is characterized by a contingent amount.

Question 31 options:

	True
	False

A noncommitted line of credit is a formal agreement that allows a corporation to borrow up to a prearranged limit and also usually requires a commitment fee to have access to the funds.

Question 33 options:

	True
	False

Question 34 (1 point)

Equitable or constructive liabilities are legal liabilities

Question 34 options:

	True
	False

Question 35 (1 point)

Inventory write-downs are recorded through two methods: the direct method and the net realizable value method.

Question 35 options:

	True
	False

Question 36 (1 point)

Income taxes payable represent contingent type current liabiities.

Question 36 options:

	True
	False

Question 37 (1 point)

Accounts payable represents a current liability of the contractual type.

Question 37 options:

	True
	False

Question 38 (1 point)

A non-interest-bearing note carries implicit interest in the face value of the note which is called a discount on notes payable.

Question 38 options:

	True
	False