Question 11 6 pts Long-term notes payable are similar to bonds in that they represent future obligations to repay debt and usually provide for interest on the borrowed funds. True False D Question 12 6 pts With respect to gain contingencies, the FASB held that they should usually be reflected currently in the financial statements. True False D Question 13 6 pts Off-Balance Sheet financing is structured so that it does not satisfy liability-recognition criteria. True False D Question 14 6 pts The entity theory can be expressed as Assets - Equities = True False Question 11 6 pts Long-term notes payable are similar to bonds in that they represent future obligations to repay debt and usually provide for interest on the borrowed funds. True False D Question 12 6 pts With respect to gain contingencies, the FASB held that they should usually be reflected currently in the financial statements. True False D Question 13 6 pts Off-Balance Sheet financing is structured so that it does not satisfy liability-recognition criteria. True False D Question 14 6 pts The entity theory can be expressed as Assets - Equities = True False