Chapter 13 practice quizzes

Chapter 13 practice quizzes - 1. Current liabilities are...

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1. Current liabilities are defined A. be paid within a year. B. require use of current a C. require use of current a D. All of the options are c Current liabilities are obligat creation of other current liabi 2. All of the following a A. current maturiti B. returnable depos C. unearned revenu D. All of the option All of the options are 3. Long-term debts matu or will be: A. converted into c B. due on demand. C. refinanced with D. retired by use of Long-term debts due o 4. A company can exclud A. intends to refina B. demonstrates an C. pays off the obli with long-term d d as obligations whose liquidation is reasonably assets. assets or creation of other current liabilities. correct. tions whose liquidation will require use of curren ilities. are types of current liabilities except: ies of long-term debt. sits. ues. ns are current liabilities. types of current liabilities. uring currently should be included as a current lia capital stock. the proceeds of a new debt issue. f noncurrent assets. on demand should be classified as a current liabi de a short-term obligation from current liabilitie ance the obligation on a long-term basis. n ability to consummate the refinancing. ligation after the balance sheet date and subseque debt before the balance sheet is issued. expected to: nt assets or iability if they are ility. es if it: ently replaces it
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intends to refina ability to consum Short-term obligations both the intent and the 5. When retailers collect A. Sales. B. Sales Taxes Pay C. Unearned Sales D. Sales or Sales T Sales taxes collected b Payable. 6. Most corporations ma A. actual taxable in B. estimated taxabl C. estimated total a D. actual annual tax Quarterly tax payment 7. Employer payroll taxe A. federal unemplo B. federal income t C. FICA taxes. D. state unemploym Employer payroll taxe ance the obligation on a long-term basis and dem mmate the refinancing. s can be excluded from current liabilities if the c e ability to consummate the refinancing. t sales taxes from customers, the taxes collected yable. s Taxes Revenue. axes Payable. by retailers can be recorded as either Sales or Sa ake quarterly tax payments based on: ncome for the quarter. le income for the quarter. annual tax liability. x liability. ts should be made based on estimated total annu es include all of the following except: oyment taxes. taxes. ment taxes. es include all of the options except federal incom monstrates an company has are recorded as: ales Taxes ual tax liability. me taxes.
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Chapter 13 practice quizzes - 1. Current liabilities are...

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