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Promissory notes signed by a business and given to a creditor are called
interest rate of a note
current liabilities
$67.50
adequate disclosure
maturity date of a note
interest
True
notes payable
An amount paid for the use of money for a period of time is called
interest rate of a note
current liabilities
$67.50
adequate disclosure
maturity date of a note
interest
True
notes payable
The day a note is due is called the
interest rate of a note
current liabilities
$67.50
adequate disclosure
maturity date of a note
interest
True
notes payable
If you initially record supplies as an expense, the amt. in the exp. acct. before adjustment equals the beg. bal. in the supplies exp. acct. + all supplies bought during the period
interest rate of a note
current liabilities
$67.50
adequate disclosure
maturity date of a note
interest
True
notes payable
Wilson, Inc. signed a 90-day, 9% note for $3,000. The interest due at maturity is
interest rate of a note
current liabilities
$67.50
adequate disclosure
maturity date of a note
interest
True
notes payable
Notes payable due within the next year are classified as
interest rate of a note
current liabilities
$67.50
adequate disclosure
maturity date of a note
interest
True
notes payable
The % of the principal that is paid for use of the money is called the
interest rate of a note
current liabilities
$67.50
adequate disclosure
maturity date of a note
interest
True
notes payable
The adjusting entry for supplies is made only when financial statements need to be prepared. This fact is an application of which accounting concept?
interest rate of a note
current liabilities
$67.50
adequate disclosure
maturity date of a note
interest
True
notes payable
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