quiz C-revised - QUIZ C CLASS: Student Number: 1. Unearned...

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CLASS: Student Number: Student Name: 1. Unearned revenue is initially recognized with a: A. Credit to unearned revenue. B. Credit to revenue. C. Debit to revenue payable. D. Debit to revenue. E. Debit to unearned revenue. 2. Employers' responsibilities for payroll include: A. Providing each employee with an annual report of his or her wages subject to FICA and federal income taxes along with the amount of these taxes withheld. B. Filing Form 941, the Employer's Quarterly Federal Tax Return. C. Filing Form 940, the Annual Federal Unemployment Tax Return. D. Individual earnings records for each employee. E. All of these. 3. A company sold $12,000 worth of trampolines with an extended warranty. It estimates that 2% of these sales will result in warranty work. The company should: A. Consider the warranty expense a remote liability since the rate is only 2%. B. Recognize warranty expense at the time the warranty work is performed. C. Recognize warranty expense and liability in the year of the sale. D. Consider the warranty expense a contingent liability. E. Recognize warranty liability when the company purchases the trampolines. 4. In the accounting records of a defendant, lawsuits: A. Are estimated liabilities. B. Should always be recorded. C. Should always be disclosed. D. Should be recorded if payment for damages is probable and the amount can be reasonably estimated. E. Should never be recorded. 5. The total amount of stock that a corporation's charter allows it to issue is referred to as: A. Issued stock. B. Outstanding stock. C. Common stock. D. Preferred stock. E. Authorized Stock. 6. Owners of preferred stock often do not have: A. Ownership rights to assets of the corporation. B. Voting rights.
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This note was uploaded on 11/07/2010 for the course BBA 1023 taught by Professor Luoyi during the Spring '10 term at University of Macau.

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quiz C-revised - QUIZ C CLASS: Student Number: 1. Unearned...

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