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

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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: A. The employee's annual earnings rate and number of withholding allowances. B. The employer's merit rating. C. The amount of social security taxes. D. Multiplying the gross pay by 6.2%. E. All of these. 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? A. $25 B. $100 C. $1,200 D. $2,500 E. $30,000 5. The right of common shareholders to protect their proportionate interest in a corporation by having the first opportunity to buy additional proportionate shares of common stock issued by the corporation is called a: A. Preemptive right. B. Proxy right.
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quiz G-revised - QUIZ G CLASS: Student Number: Student...

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