11 Interactive Quiz A

11 Interactive Quiz - Interactive Quiz A Home > Chapter 11 > Interactive Quiz A Course-wide Content MH Enhanced Cartridge Sample Study Guide

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Interactive Quiz A http://highered.mcgraw-hill.com/sites/0072996536/student_view0/chapter11/interactive_quiz_a.html[6/22/2010 6:50:38 PM] Interactive Quiz A (See related pages) Results Reporter Out of 28 questions, you answered 3 correctly with a final grade of 11% 3 correct (11%) 25 incorrect (89%) 0 unanswered (0%) Your Results: The correct answer for each question is indicated by a . 1 INCORRECT Definitely determinable liabilities are liabilities whose amounts are known with a high degree of certainty. Which of the following liabilities are considered as definitely determinable liabilities? A) Accounts payable B) Notes payable C) Sales taxes payable D) Wages payable E) All of the above are definitely determinable liabilities. Feedback: All of the above are definitely determinable liabilities. C2 2 INCORRECT Unearned Revenues are also known by which three terms: A) Sales Tax Payable, Notes Payable, and Deferred Revenues B) Deferred Revenues, Collections in Advance, and Notes Payable C) Collections in Advance, Deferred Revenues, and Prepayments D) Prepayments, Sales Taxes Payable, and Deferred Revenues E) None of the above Feedback: Unearned Revenues are also called Collections in Advance, Deferred Revenues, and Prepayments. C2 3 INCORRECT Two reasons why a company might accept a note receivable from a customer (it's a note receivable in our hands and a note payable in the hands of our customer) instead of just an account receivable would be: A) (1) notes receivable do not earn interest and (1) are a less formal type of receivable B) (1) notes receivable do earn interest income and (2) are a less formal type of receivable C) (1) notes receivable do earn interest income and (2) are a more formal type of receivable D) (1) notes receivable do not earn interest and (2) are a more formal type of receivable E) None of the above Feedback: Notes Receivables are more attractive to hold because they do earn interest income and are a more formal type of receivable. P1 4 INCORRECT The maturity value of a note payable is calculated as: A) The principal of the note plus the accrued interest expense on the note. B) The face amount of the note plus the accrued interest expense on the note. C) The face amount only. D) Both A and B are correct E) None of the above Feedback: Both A and B are correct since the principal of the note and the face amount of the note mean the same thing. P1 5 INCORRECT Focus on just one employee. This employee has $100,000 of gross earnings for the year 2006 and no other sources of income. Which of the following statements is accurate for the 2006 calendar year? A) The employer must withhold $6,200 of the employee's gross pay for social security taxes and $1,450 of the employee's gross pay for the medicare tax.
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This note was uploaded on 08/01/2010 for the course ACC 101 taught by Professor Layvand during the Spring '09 term at Thomas Edison State.

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11 Interactive Quiz - Interactive Quiz A Home > Chapter 11 > Interactive Quiz A Course-wide Content MH Enhanced Cartridge Sample Study Guide

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