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Indicate Whether Each of the Following Statements Regarding Preparing Financial

Question 46

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Indicate whether each of the following statements regarding preparing financial statements is true or false.

Premises:

Responses:

Accounts receivable is a liability account.

False

Notes payable is a liability account.

True

Interest payable is an asset account.

Salaries payable is on the income statement.

Interest expense is on the income statement.

Accounts payable is on the statement of cash flows.

Premises:

Accounts receivable is a liability account.

Notes payable is a liability account.

Interest payable is an asset account.

Salaries payable is on the income statement.

Interest expense is on the income statement.

Accounts payable is on the statement of cash flows.

Responses:

False

True

Correct Answer:

Premises:

Responses:

Accounts receivable is a liability account.

Notes payable is a liability account.

Interest payable is an asset account.

Salaries payable is on the income statement.

Interest expense is on the income statement.

Accounts payable is on the statement of cash flows.

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