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Chapter 13 - CHAPTER 13 CURRENT LIABILITIES AND...

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CHAPTER 13 CURRENT LIABILITIES AND CONTINGENCIES TRUE-FALSE —Conceptual Answer No. Description F 1. Zero-interest-bearing note payable. F 2. Dividends in arrears. T 3. Examples of unearned revenues. T 4. Reporting discount on Notes Payable. F 5. Currently maturing long-term debt. F 6. Excluding short-term debt refinanced. T 7. Accounting for sales tax collected. F 8. Accounting for sick pay. T 9. Social security taxes as liabilities. F 10. Definition of accumulation rights. T 11. Recognizing compensated absences expense. F 12. Accruing estimated loss contingency. T 13. Disclosing gain contingencies. F 14. Sales-type warranty profit. T 15. Fair value of asset retirement obligation. T 16. Reporting a litigation liability. F 17. Expense warranty approach. F 18. Acid-test ratio components. F 19. Affect on current ratio. T 20. Reporting current liabilities. MULTIPLE CHOICE —Conceptual Answer No. Description d 21. Definition of a liability. d 22. Nature of current liabilities. a 23. Recording of accounts payable. a 24. Classification of notes payable. b 25. Classification of discounts on notes payable. d 26. Identify current liability. c 27. Bonds reported as current liability. d 28. Identify item which is not a current liability. c 29. Dividends reported as current liability. d 30. Classification of stock dividends distributable. c 31. Identify item which is not a current liability. d 32. Identify current liability. d 33. Short-term obligations expected to be refinanced. d 34. Ability to consummate refinancing of short-term obligations. d 35. Determine what is a liability. a 36. Classification of sales taxes.
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Test Bank for Intermediate Accounting, Twelfth Edition MULTIPLE CHOICE —Conceptual (cont.) Answer No. Description d S 37. Disclosure for short-term debt refinanced. b S 38. Vested rights vs. accumulated rights. d P 39. Deductions in computing net pay. d 40. Employer's payroll tax expense. d 41. Accrual of a liability for compensated absences. c 42. Accrual of a liability for compensated absences. d 43. Accrual of a liability for compensated absences. d 44. Disclosure of a gain contingency. d 45. Disclosure of contingencies. b 46. Accrual of loss contingency. a 47. Litigation and loss contingencies. c 48. Accrual of a contingent liability. d 49. Source of a contingent liability. b 50. Asset retirement obligation. c 51. Asset retirement obligation. c 52. Classification of warranty liability. c 53. Liability accrual due to governmental action. a 54. Accrual of product warranties. b P 55. Determining loss amount to report. d S 56. Reporting lawsuit loss and liability. d S 57. Accrual method for warranty costs. c S 58. Presentation of current liabilities. a P 59. Current ratio formula. d 60. Disclosure of accrued liabilities. d 61. Acid-test ratio elements. d *62. Methods of calculating employee bonuses. P These questions also appear in the Problem-Solving Survival Guide.
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