Question 30 which one of the following would be

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Question 30Which one of the following would beconsidered a contingent liability?A company owes $35,000 oninventories purchased on credit.A company has access to a line ofcredit with a bank in the amount of$120,000.None of these.A company believes that it isreasonably possible it will lose alawsuit and damages could be$100,000.You AnsweredYou Answered
A company estimates that it willprobably have to pay $75,000 to theEPA for a chemical spill.Correct AnswerCorrect Answer3 / 3 ptsQuestion 31How would the following impact thefinancial statements?Correct!Correct!
Assets are overstated.Expenses are overstated.Equity is understated.
12/2/2018Exam 2 (Modules 5-7): ACCT-500-04B Foundations of Financial AcctNone of these.3 / 3 ptsQuestion 32Interest expense on a short-term noteCorrect!Correct!
18/19Accrual of taxes payablePurchase of inventory on creditShort-term loanNone of these1 / 1 ptsQuestion 34
Expenses are overstated.Assets are overstated.Liabilities are overstated.3 / 3 ptsQuestion 33Which of the followingdoesnotrepresent a current liability?Correct!Correct!
12/2/2018Exam 2 (Modules 5-7): ACCT-500-04B Foundations of Financial AcctWho is your professor's favorite majorleague baseball team?New York YankeesBoston Red SoxCincinnati RedsCorrect!Correct!
19/19Chicago CubsQuiz Score:76out of 100Submission Details:
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Term
Spring
Professor
AdeleM.McDaniel
Tags
Financial Accounting, Balance Sheet, Depreciation, Revenue, Costco Wholesale Corporation, Exam Results Correct Answers

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