Solved

Match the Items Below by Entering the Appropriate Code Letter

Question 98

Matching

Match the items below by entering the appropriate code letter in the space provided.

Premises:
An obligation in the form of a written promissory note
A debt than can reasonably be expected to be paid from current assets
A potential liability that may become an actual liability in the future
Responses:
Notes Payable
Current liability
Contingent liability

Correct Answer:

An obligation in the form of a written promissory note
A debt than can reasonably be expected to be paid from current assets
A potential liability that may become an actual liability in the future
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