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Why is Accounts Payable classified as a current liability? What are the two FASB required...

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Accounting

  1. Why is Accounts Payable classified as a current liability?
  2. What are the two FASB required conditions for a contingent liability to be recognized?
  3. What business circumstance could bring about a short-term note payable created from a purchase? Explain.
  4. What business circumstance could produce a short-term notes payable created from a loan? Explain.

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