Distinguish between accounts payable and notes payable. Why does some of the value of notes payable appear as a current liability?
What types of industries have unearned revenue? Why is unearned revenue considered a liability? When is the unearned revenue recognized in the financial statements?
Why do companies issue bonds? Would you rather buy a bond at a discount or a premium rate? Why? What is the determining factor of whether a bond is sold at a discount, face, or premium?
(Separate each answers for each set. No word count.)