Long-term notes payable or liabilities are referred for that loan that are not supposed to due for more than a year. These are the loans from banks or financial institution that are secured against various assets on the balance sheet, such as inventories.
Can you differentiate between provision and reserve?
Tell us whether the account “Cash” will be credited or debited, when a company pays a bill?
Tell us what do we mean by purchase return in accounting?
What does the investment of personal assets by the owner will do?
Which account is responsible for interest payable?
What is Bad debt expense?
Can you define Offset accounting?
Tell us entries to revenues accounts such as Service Revenues are usually?
Do you know what is company’s payable cycle?
Tell us what is assets minus liabilities?
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