Asked by
Thivanka Seneviratne
on Nov 14, 2024
Verified
The terms of an operating line of credit and a notes (loans) payable are disclosed in the notes to the financial statements.
Operating Line
A revolving credit facility extended by a bank to a business to fund its day-to-day operations.
Notes Payable
Debt instruments or formal written agreements to pay a specified sum of money at a future date.
Financial Statements
Formal records of the financial activities and position of a business, individual, or other entity.
- Understand the disclosure obligations for different kinds of liabilities and their presentation in financial statements.
Verified Answer
FA
Learning Objectives
- Understand the disclosure obligations for different kinds of liabilities and their presentation in financial statements.
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