ACCT 284 at Iowa State University


1 Interest Bearing Notes
When you borrow money, you don't get it for free. Here, we're going to calculate the interest on an interest bearing loan.
2 Non-interest Bearing Notes
"Non-interest bearing" is kind of a misnomer. You may not have to pay interest, but yo don't get all the cash up front, so it ends up being an interest expense anyway!
3 Contingencies
A contingent liability is based on something else. You may or may not have to pay this sort of liability.