Quiz 3 - Quiz 3 November 17, 2008 1. All of the following...

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1 Quiz 3 – November 17, 2008 1. All of the following are liabilities except a. interest payable b. unearned revenue c. accounts payable d. earned revenue d (easy / LO: 1 / knowledge) 2. A warranty liability is an example of a(n) a. definitely determinable liability b. estimated liability c. contingent liability d. long-term liability b (moderate / LO: 2 / knowledge) 3. An obligation resulting in a liability may cause a. a requirement of future payment or payments b. a payment to a vendor c. a future performance of a service d. all of the above d (moderate LO: 2 / knowledge) 4. Social Security payments are funded by a. contributions from current workers and employers b. individual retirement accounts c. unique savings plans that the government has established for each citizen d. contributions from past workers a (moderate / p9 / knowledge) 5. An employer would report the amount of federal taxes withheld from an employee’s paycheck as a(n) a. long-term liability b. expense c. current liability d. asset c (easy / p11 / knowledge) 6. Which of the following accounts would appear in the liability section of the balance sheet? a. Accounts payable, revenue, warranties payable b. Accounts payable, notes payable, warranties payable c. Notes payable, warranties expense, unearned revenue d. Notes payable, FICA taxes payable, payroll tax expense b (moderate / LO: 1 / knowledge) 7. Daisy Designs has a gross payroll of $38,000 during July. During this month, federal income taxes withheld amount to $14,400, Social Security taxes withheld amount to $2,900 and employee insurance withheld amounts to $1,200. Based on this information, salaries payable will be shown on the balance sheet as a. $19,500 b. $20,700 c. $23,600 d. $38,000 a (moderate / LO: 1 / application) 8. How do long-term notes payable differ from short-term notes payable? a.
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This note was uploaded on 11/24/2009 for the course BA 2301 taught by Professor Mattpolze during the Fall '08 term at University of Texas at Dallas, Richardson.

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Quiz 3 - Quiz 3 November 17, 2008 1. All of the following...

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