02 Jan (TCO 6) In the current year,
Quiz 5
1. Question :
(TCO 6) Which of the following is not a current liability?
Wages payable
A note payable due in 3 months
Accrued sales taxes
Prepaid insurance
Question 2. Question :
(TCO 6) Each of the following but one represents collections for third parties. Which one of the following is not a collection for a third party?
Sales tax payable
Customer deposits
Employee insurance deductions
Social Security taxes deductions
Question 3. Question :
(TCO 6) Which of the following is the best definition of a current liability?
An obligation payable within 1 year
An obligation payable within 1 year of the balance sheet date
An obligation payable within 1 year or within the normal operating cycle, whichever is longer
An obligation expected to be satisfied with current assets or by the creation of other current liabilities
Question 4. Question :
(TCO 6) A company should accrue a loss contingency only if the likelihood that a liability has been incurred is
more likely than not and the amount of the loss is known.
at least reasonably possible and the amount of the loss is known.
at least reasonably possible and the amount of the loss can be reasonably estimated.
probable and the amount of the loss can be reasonably estimated.
Question 5. Question :
(TCO 6) In the current year, our company reported warranty expense of $190,000 and the warranty liability account increased by $20,000. Which were warranty expenditures during the year?
$190,000
$170,000
$210,000
$0
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