ACC 304 Week 8 Quiz 5 - ACC 304 Week 8 Quiz 5 TRUE-FALSEConceptual Answer F F T T F F T F T F T F T F T T F F F T No Description 1 2 3 4 5 6 7 8 9 10 11

ACC 304 Week 8 Quiz 5 - ACC 304 Week 8 Quiz 5...

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ACC 304 Week 8 Quiz 5TRUE-FALSE—ConceptualAnswerNo.DescriptionF1.Zero-interest-bearing note payable.F2.Dividends in arrears.T3.Examples of unearned revenues.T4.Reporting discount on Notes Payable.F5.Currently maturing long-term debt.F6.Excluding short-term debt refinanced.T7.Accounting for sales tax collected.F8.Accounting for sick pay.T9.Social security taxes as liabilities.F10.Definition of accumulation rights.T11.Recognizing compensated absences expense.F12.Accruing estimated loss contingency.T13.Disclosing gain contingencies.F14.Sales-type warranty profit.T15.Fair value of asset retirement obligation.T16.Reporting a litigation liability.F17.Expense warranty approach.F18.Acid-test ratio components.F19.Affect on current ratio.T20.Reporting current liabilities.MULTIPLE CHOICE—ConceptualAnswerNo.Descriptiond21.Definition of a liability.d22.Nature of current liabilities.a23.Recording of accounts payable.a24.Classification of notes payable.b25.Classification of discounts on notes payable.d26.Identify current liability.27.Bonds reported as current liability.d28.Identify item which is not a current liability.29.Dividends reported as current liability.d30.Classification of stock dividends distributable.c31.Identify item which is not a current liability.32.Identify current liability.c33.Characteristic of current liability.d34.Definition of a liability.b35.Importance of liability section of balance sheet.a36.Current liabilities and operating cycle.MULTIPLE CHOICE—Conceptual (cont.)AnswerNo.Descriptiona37.Present value and concept of a liability.
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c38.Zero-interest-bearing notes payable.d39.Callable debt reporting.d40.Condition to exclude short-term obligation.a41.Ability to consummate refinancing of short-term debt.b42.Disclosure of preferred dividends not declared.c43.Example of unearned revenue.d44.Short-term obligations expected to be refinanced.d45.Ability to consummate refinancing of short-term obligations.d46.Determine what is a liability.47.Classification of sales taxes.dS48.Disclosure for short-term debt refinanced.bS49.Vested rights vs. accumulated rights.dP50.Deductions in computing net pay.d51.Employer's payroll tax expense.d52.Accrual of a liability for compensated absences.c53.Accrual of a liability for compensated absences.d54.Accrual of a liability for compensated absences.d55.Compensated absences.d56.Requirements for compensated absences accrual.b57.Condition for sick pay accrual.c58.Payroll tax deduction.d59.Definition of a contingency.b60.Recording contingent liability.a61.Example of contingent liability.d62.Recording contingent liability.d63.Disclosure of a gain contingency.d64.Disclosure of contingencies.b65.Accrual of loss contingency.
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