ch13 - CHAPTER 13 CURRENT LIABILITIES AND CONTINGENCIES...

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CHAPTER 13 CURRENT LIABILITIES AND CONTINGENCIES MULTIPLE CHOICE —Conceptual Answer No. Description d 1. Definition of a liability. d 2. Nature of current liabilities. a 3. Recording of accounts payable. a 4. Classification of notes payable. b 5. Classification of discounts on notes payable. d 6. Short-term obligations expected to be refinanced. d 7. Ability to consummate refinancing of short-term obligations. d 8. Identify item which is not a current liability. c 9. Dividends reported as current liability. d 10. Classification of stock dividends distributable. c 11. Identify item which is not a current liability. d 12. Identify current liability. d 13. Identify current liability. c 14. Bonds reported as current liability. d 15. Determine what is a liability. d 16. Employer's payroll tax expense. d 17. Disclosure of a gain contingency. d 18. Disclosure of contingencies. a 19. Classification of sales taxes. d 20. Accrual of a liability for compensated absences. c 21. Accrual of a liability for compensated absences. d 22. Accrual of a liability for compensated absences. b 23. Accrual of loss contingency. a 24. Litigation and loss contingencies. c 25. Accrual of a contingent liability. d 26. Source of a contingent liability. b 27. Asset retirement obligation. c 28. Asset retirement obligation. c 29. Classification of warranty liability. c 30. Liability accrual due to governmental action. a 31. Accrual of product warranties. d 32. Disclosure of accrued liabilities. d 33. Acid-test ratio elements. d *34. Methods of calculating employee bonuses. *This topic is dealt with in an Appendix to the chapter.
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13- 2 Test Bank for Intermediate Accounting, Eleventh Edition MULTIPLE CHOICE —Computational Answer No. Description b 35. Adjusting entry involving discount on short-term note payable. d 36. Calculate effective interest on discounted note. b 37. Determine amount of short-term debt to be reported. d 38. Determine amount of short-term debt to be reported. b 39. Calculate sales taxes for the month. b 40. Calculate amount of sales taxes payable. c 41. Determine amount of sales subject to sales tax. c 42. Calculate payroll tax expense. d 43. Calculation of vacation expense to be recognized. a 44. Calculation of accrued liability to be recognized for compensated balances. d 45. Determine premiums expense for the year. d 46. Calculate estimated liability for premiums. d 47. Calculate estimated liability for premiums. b 48. Determine amount to accrue as a loss contingency. d 49. Accrue warranty expense for the year. a 50. Calculate warranty liability. d 51. Determine amount to accrue as a gain contingency. b 52. Calculate liability for unredeemed coupons. c 53. Calculate the quick (acid-test) ratio. c
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This note was uploaded on 05/01/2011 for the course ACCT 3341 taught by Professor Dr.ramaswamy during the Spring '09 term at University of St. Thomas-Texas.

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ch13 - CHAPTER 13 CURRENT LIABILITIES AND CONTINGENCIES...

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