ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 281

b. deferred charges.

c. long-term liabilities.

d. intermediate debt.

25. Which of the following is not true about the discount on
short-term notes payable?

a. The Discount on Notes Payable account has a debit balance.

b. The Discount on Notes Payable account should be reported
as an asset on the balance sheet.