Question

Interest expense is not: Multiple Choice Incurred on long-term liabilities. Reported on the income statement. A fixed expense. Likely to vary due to short-term changes in sales or other operating activities. A factor in determining a company's borrowing risk.

Answer 1

Interest expense is not Incurred on long-term liabilities.

Option i) Incurred on long-term liability.

Interest expenses are not recorded in the balance sheet. It should be recorded in the income statement.

The interest expense is a non-operating expense recorded on the expenses side of the income statement and it does not show as notes payable.

The interest expense is shown as a fixed cost or fixed expense it will be changed as based on the short-term changes or completion of payable.

The interest expense shows a factor in determining a company's borrowing risk.

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