CHAPTER 10 QUIZ

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CHAPTER 10 QUIZ: 1. Current liabilities definition: short term obligations to be paid with company’s current assets within company’s current operating cycle OR one year of balance sheet date (whichever is longer) 2. Liabilities created when a company… a. Buys goods and services on credit b. Obtains short term loans c. Issues long term debt 3. Measuring liabilities (when to report): a. Initial amount of liability cash equivalent b. Additional liability amounts additional obligations arise (increase liability) c. Payments made company makes payment/provides service (decrease liability) 4. Accrued liabilities: liabilities that have been incurred but not yet paid a. Accrued advertising b. Accrued payroll c. Accrued taxes d. Accrued interest e. Other accrued liabilities 5. Accrued payroll transactions: Salaries & wages expense 400 Accrued liabilities 100 Cash 300 6. Employers required to pay… a. FICA tax (matching contribution) b. Federal unemployment tax c. State unemployment tax 7. Total payroll expense: a. Salaries & wages + payroll tax expense 8. Accrued income taxes: how to calculate taxable income
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