Which of the following correctly describes Interest payable
Which of the following correctly describes Interest payable?
Interest payable is shown on the balance sheet as a current liability.
Interest payable is shown on the income statement as an operating expense.
Interest payable is shown on the balance sheet as a long-term liability.
Interest payable is shown on the balance sheet as a current asset.
Which of the following is true for a liability to exist?
An obligation to pay cash in the future must exist.
The identity of the party must be known.
The exact amount must be known.
A past transaction or event must have occurred.
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