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intermediateaccttestbankch
13 - PAGE 46
Test Bank for Intermediate Accounting, Fourteenth Edition
13 - PAGE 45
Current Liabilities and Contingencies
CHAPTER 13
CURRENT LIABILITIES AND CONTINGENCIES
IFRS questions are available at the end of this chapter.
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.
c 33. Characteristic of current liability.
d 34. Definition of a liability.
b 35. Importance of liability section of balance sheet.
a 36. Current liabilities and operating cycle.
Multiple Choice—Conceptual (cont.)
Answer No. Description
a 37. Present value and concept of a liability.
c 38. Zero-interest-bearing notes payable.
d 39. Callab
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