LLS6e Ch 09 MC Quizzes

LLS6e Ch 09 MC Quizzes - Libby/Libby/Short6e...

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Libby/Libby/Short 6e Chapter 9 – Multiple-Choice Quizzes 1 A current liability is a short-term obligation that A) will be paid within the current operating cycle. B) will be paid within one year of the balance sheet date. C) will be paid in the longer of periods (A) and (B). D) does not affect liquidity. Answer C 2 Current assets are $400,000 of the total assets of $1,000,000. Current liabilities are $200,000 of the total  liabilities of $700,000. What is the current ratio? A) 2.00 B) 2.50 C) 1.43 D) 1,75   Answer A 3 The estimated time of accrued vacation time for employees is $63,500 for the period.  The required adjusting  entry will include a: A) debit to Compensation Expense and a credit to Cash for $63,500. B) debit to Accrued Vacation Liability and a credit to Cash for $63,500. C) debit to Compensation Expense and a credit to Accrued Vacation Liability for $63,500. D) debit to Compensation Expense and a credit to Accounts Payable for $63,500. Answer C
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LLS6e Ch 09 MC Quizzes - Libby/Libby/Short6e...

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