Quiz _2 - Winter 2009 - University of Toronto Faculty of...

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University of Toronto March 24, 2009 MGT201 H1S Quiz #2 Financial Accounting I Duration: 1 hour Aids allowed: Non-programmable calculator Instructions: Please print your name and student in the space provided below. GOOD LUCK!!! ------------------------------------------------ --------------------------------------------- Student name (LAST NAME FIRST) Student number Marks: Part A (10 marks) Part B (10 marks) Part C ( 5 marks) Total ( 25 marks)
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Part A ( 10 marks) Listed below are several ways to classify liabilities followed by a series of situations. Match the classifications to the situations by placing the appropriate letter in the space provided. CLASSIFICATIONS A. Definitely determinable C. Contingent B. Reasonably determinableD. Not a liability SITUATIONS ____ 1. Gift cards sold ____ 2. Wages payable ____ 3. Loan guarantee for another firm ____ 4. Warranty payable ____ 5. Unearned revenues ____ 6. Annual corporate income tax payable ____ 7. Current portion of long-term debt ____ 8. Receivables sold with recourse ____ 9. Pending lawsuit against the firm ____ 10. Contractual commitment to purchase inventory 2
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This note was uploaded on 12/21/2010 for the course MGT 201 taught by Professor Uppal during the Spring '09 term at University of Toronto- Toronto.

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Quiz _2 - Winter 2009 - University of Toronto Faculty of...

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