1. 1 point(s) Horizontal analysis is a technique for evaluating a financial statement item in the current year with other items in the current year. (no answer) True False 2. Notes payable usually require the borrower to pay interest. (no answer) True False 1 point(s) 1 point(s) 3. The valuation of available-for-sale securities is similar to the procedures followed for trading securities, except that changes in fair value are not recognized in current income. (no answer) True False 4. A contingent liability is a liability that may occur if some future event takes place. (no answer) True False 1 point(s)