Accounting Test Solutions - 31585 Words

ch13 Student: ___________________________________________________________________________ 1. Some liabilities are not contractual obligations and may not be payable in cash. True False 2. Amounts withheld from employees in connection with payroll often represent liabilities to third parties. True False 3. A customer advance produces a liability that is satisfied when the product or service is provided. True False 4. Long-term debt that is callable by the creditor in the upcoming year should be classified as a current liability only if the debt is expected to be called. True False 5. The concept of substance over form influences the classification of obligations expected to be refinanced. True False 6.†¦show more content†¦1. Noninterestbearing notes 2. Loss contingencies 3. Committed lines of credit 4. Accounts payable 5. Pledging arrangements __ Use accounts receivable as collateral.__ __ Often require compensating balance.__ __ Only formal credit instrument is the invoice.__ __ Effective interest higher than stated interest.__ Recorded if probable and amount is known or__ reasonably estimable.__ 21. Match each phrase with the correct term placing the letter designating the best term in the space provided by the phrase. Present value of interest plus present value__ of principal.__ __ Required for contingencies.__ __ Payable with current assets.__ Short-term debt to be refinanced__ with long-term bonds payable.__ __ Avoids registration with SEC.__ 1. Current liabilities 2. Usual valuation of long-term liabilities 3. Disclosure notes 4. Long-term liabilities 5. Commercial paper 22. Indicate (by letter) the way each of the items listed below should be reported in a balance sheet at December 31, 2011. 1. Not reported 2. Disclosure note only 3. Liability 4. Liability A material gain contingent on a future event that appears__ exceedingly likely.__ A penalty assessment that probably will be asserted by__ the EPA, in which case a determinable payment is probable.__ Unassessed penalty with a reasonable possibility of being__ asserted, in which case a determinable payment isShow MoreRelatedHorngren Cost Accounting 14e Solution Test Bank Essay854 Words   |  4 PagesBuy Full 23 chapters Horngren Cost Accounting 14e Solution Manual + Test Bank at https://sellfy.com/p/vB9y Cost Accounting, 14e (Horngren/Datar/Rajan) Chapter 12 Pricing Decisions and Cost Management Objective 12.1 1) Companies should only produce and sell units as long as: A) there is customer demand for the product B) the competition allows it C) the revenue from an additional unit exceeds the cost of producing it D) there is a generous supply of low-cost direct materialsRead MoreAdvanced Accounting Solution Manual Test Bank 11th Edition by Hoyle925 Words   |  4 PagesAdvanced Accounting Solution Manual Test Bank 11th Edition by Hoyle Follow Link Below To Get Tutorial https://homeworklance.com/downloads/advanced-accounting-solution-manual-test-bank/ Description: Advanced Accounting Solution Manual Test Bank 11th Edition by Hoyle Advanced Accounting Solution Manual Test Bank 11th Edition by Hoyle Follow Link Below To Get Tutorial https://homeworklance.com/downloads/advanced-accounting-solution-manual-test-bank/ Description: Advanced AccountingRead MorePersonal Finance959 Words   |  4 Pagesgovernmental and not-for-profit accounting, 7/e martin ives terry k. 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