Sunday, February 24, 2019

If a long-term note payable has a stated interest rate, that rate should be considered to be the effective rate.

If a long-term note payable has a stated interest rate, that rate should be considered to be the effective rate.



Answer: False

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Assuming a current ratio of 1.2 and an acid-test ratio of 0.80, how will the purchase of inventory with cash affect each ratio?

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