Question

The following questions are adapted from a variety of sources including questions developed by the AIC Board of Examiners and those used in the Kaplan CPA Review Course to study balance sheet presentation financial disclosers, and liquidity ratios while preparing for the CPA examination. Determine the responsible best completes the statements or questions. In Merf's April 30, 2016. balance sheet, a note receivable was reported as a noncurrent asset and the accrued interest for eight months was reported as a current asset. Which of the following description fit Merf's receivable classification? a. Both principal and interest amounts arc due on August 31, 2016, and August 31, 2017. b. Principal is due August 31, 2016, and August 31, 2017. c. principal and interest are due December 31, 2016. d. Both principal and interest amounts are due on December 31, 2016. and December 31, 2017. Mill Co.'s trial balance included the following account balances at December 31,2016: What amount should he included in the current liability section of Mill's December 31, 2016. a. $45,000 b. $51.1000 c. $65,000 d. $78.000 Which of the following would be disclosed in the summary of significant accounting policies

 

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