Question
Which of the following is not true regarding interest payable? Group of answer choices It is always a liability. It represents the amount of interest
Which of the following is not true regarding interest payable?
Group of answer choices
It is always a liability.
It represents the amount of interest owed as of the balance sheet date.
It will be a financing cash flow when paid.
It is only classified as a current liability if the interest is expected to be paid within 12 months of the balance sheet date.
All of the above are true.
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Managerial Accounting
Authors: Ray H Garrison, Alan Webb, Theresa Libby
11th Canadian Edition
1259275817, 978-1259275814
