In preparing the financial statements at the end of the year, the balance in the interest receivable account will be reported on the balance sheet as a current asset.

Name: In preparing the financial statements at the end of the year, the balance in the interest receivable account will be reported on the balance sheet as a current asset.
Brand: Quizplus
Rating: 4.9 (39 reviews)

Question

Quizplus · Accepted Answer

Interest receivable is a current asset as it is expected to be received within one year. Therefore, it will be reported on the balance sheet as a current asset.

In Preparing the Financial Statements at the End of the Year