quiz D-revised - QUIZ D CLASS: Student Number: Student...

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CLASS: Student Number: Student Name: 1. A contingent liability: A. Is always of a specific amount. B. Is a potential obligation that depends on a future event arising from a past transaction or event. C. Is an obligation not requiring future payment. D. Is an obligation arising from the purchase of goods or services on credit. E. Is an obligation arising from a future event. 2. On December 1, Martin Company signed a 90-day, 6% note payable, with a face value of $5,000. What amount of interest expense is accrued at December 31 on the note? A. $0 B. $25 C. $50 D. $75 E. $300 3. Accounts payable: A. Are amounts owed to suppliers for products and/or services purchased on credit. B. Are long-term liabilities. C. Are estimated liabilities. D. Do not include specific due dates. E. Must be paid within 30 days. 4. Gross pay is: A. Take-home pay. B. Total compensation earned by an employee before any deductions. C. Salaries after taxes are deducted. D. Deductions withheld by an employer. E. The amount of the paycheck. 5. Par value of a stock refers to the: A. Issue price of the stock. B. Value assigned to a share of stock by the corporate charter. C. Market value of the stock on the date of the financial statements. D. Maximum selling price of the stock. E. Dividend value of the stock. 6. Retained earnings: A. Generally consists of a company's cumulative net income less any net losses and dividends declared since its inception. B. Can only be appropriated by setting aside a cash fund.
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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 D-revised - QUIZ D CLASS: Student Number: Student...

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