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quiz G-revised - QUIZ G CLASS Student Number Student Name 1...

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QUIZ G CLASS: Student Number: Student Name: 1. Amounts received in advance from customers for future products or services: A. Are revenues. B. Increase income. C. Are liabilities. D. Are not allowed under GAAP. E. Require an outlay of cash in the future. Difficulty: Medium 2. Uncertainties such as natural disasters: A. Are not contingent liabilities because they are future events not arising from past transactions or events. B. Are contingent liabilities because they are future events arising from past transactions or events. C. Should be disclosed because of their usefulness to financial statements. D. Are estimated liabilities because the amounts are uncertain. E. Arise out of transactions such as debt guarantees. 3. The amount of federal income taxes withheld from an employee's paycheck is determined by: 4. Employees earn vacation pay at the rate of one day per month. During July, 25 employees qualify for one vacation day each. Their average daily wage is $100 per day. What is the amount of vacation benefit expense for the month of July?
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