Answer: The economic life of a business can be divided into artificial time periods.
Explanation: As per the principal of continuity the existence of a company is perpetual thus to report the performance of the company to the stakeholders the existence of such company is divided into smaller periods and this method is termed as periodicity assumption.
<span>The liquidity approach to measuring money defines the M2 money supply as the temporary store of value of anything that could be turned into money or has high liquidity. When they measure the assets they are trying to determine what would be the best to liquidate to make sure they are getting the most money from their items. </span>
Dec 31
Dr Interest expense $72,000
Cr Interest Payable $72,000
($900,000*9%)
(Being to record the first year interest expense accrued)
<h3>What is Interest Payable? </h3>
Interest Payable is a liability account, shown on a company's balance sheet, which represents the amount of interest expense that has accrued to date but has not been paid as of the date on the balance sheet.
In short, it represents the amount of interest currently owed to lenders.
<h3>Is interest payable an asset?</h3>
Interest payable is a liability, and is usually found within the current liabilities section of the balance sheet.
Learn more about interest payable here:
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Project management is important because it ensures proper expectations are set around what can be delivered, by when, and for how much. ... Effective project managers should be able to negotiate reasonable and achievable deadlines and milestones across stakeholders, teams, and management.
