29 Jun Question 1.Which of the following would notb
Question
1.Which of the following would notbe classified as a current asset? (Points : 2)
Marketable Securities
Equipment
Prepaid Expenses
Interest Receivable
Question 2. 2.In accounting for a contingent liability, if the likelihood of the obligation is possible, a company must: (Points : 2)
recognize the liability and report it on the balance sheet.
provide disclosure in the footnotes to the financial statements.
not recognize or disclose the liability until it is certain and the exact amount is known.
do nothing.
Question 3. 3.Long-term debt would likely be used for which of the following? (Points : 2)
Acquisition of inventory
Paying premiums for insurance
Purchasing a building
Paying salaries
Question 4. 4.In accounting for a contingent liability, if the likelihood of the obligation is probable but the amount cannot be estimated, a company must: (Points : 2)
recognize the liability and report it on the balance sheet.
provide disclosure in the footnotes to the financial statements.
not recognize or disclose the liability until it is certain and the exact amount is known.
do nothing.
Question 5. 5.When does warranty cost appear on the statement of cash flows? (Points : 2)
When there is a settlement of a warranty claim made by a customer
When the warranty obligation is recognized
When the sale of merchandise is made
None of the above
Question 6. 6.In accounting for a contingent liability, if the likelihood of the obligation is probable and the amount can be estimated, a company must: (Points : 2)
report the liability on the balance sheet.
provide disclosure in the footnotes to the financial statements.
not recognize the liability until it is certain and the exact amount is known.
do nothing.
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