The entry to record interest expense on a bank loan payable is a debit to interest payable and credit to interest revenue. debit to interest expense and credit to interest payable. debit to interest expense and credit to note payable. (b debit to note payable and credit to interest revenue. Which statement best describes Accounting? Accounting is used only to confuse the Canada Revenue Agency Accounting is the language of business. Accounting is harder than marketing, Accounting is hard. Previous Page Next Page Which one of the following is false? The statement of cash flows reports the sources and uses of cash during a specific period. The statement of cash flows can be prepared using cash and cash equivalents rather than just cash, as its base. The statement of cash flows shows the effects on net income of a company's operating, investing, and financing activities for an accounting period. The statement of cash flows explains the difference between net income, as shown on the income statement, and the net cash flows generated from operating activities