1. a. The current portion of notes payable is the principal amount that will be paid within two years of the balance sheet date, and the remaining portion is long term. true/false?

b. A contingent liability is a potential, rather than an actual liability, because it depends on a future event. true/false?

c.The key differences between the cash basis and accrual basis of accounting can be explained by understanding the rules of debits and credits. true/false?

d. It is important for a business to identify policies which ensure that all customers are treated similarly and that results can be measured effectively. true/false?

e. A receivable is a liability because it represents a right to receive cash in the future. true/false?

f.The cost principle requires a business to record the assets acquired, or services received, at their actual cost. true/false?