Acc 304 Week 8 Quiz 5

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ACC 304 WEEK 8 QUIZ 5
TO purchase this tutorial visit following link: http://wiseamerican.us/product/acc-304-week-8-quiz-5/ Contact us at:
SUPPORT@WISEAMERICAN.US
ACC 304 WEEK 8 QUIZ 5
ACC 304 Week 8 Quiz 5 – STR NEW
ACC 304 Week 8 Quiz 5
All Questions Included. TRUE-FALSE—Conceptual
1. A zero-interest-bearing note payable that is issued at a discount will not result in any interest expense being recognized.
2. Dividends in arrears on cumulative preferred stock should be recorded as a current liability.
3. Magazine subscriptions and airline ticket sales both result in unearned revenues.
4. Discount on Notes Payable is a contra account to Notes Payable on the balance sheet.
5. All long-term debt maturing within the next year must be classified as a current liability on the balance sheet.
6. A short-term obligation can be excluded from current liabilities if the company intends to refinance it on a long-term basis.
7. Many companies do not segregate the sales tax collected and the amount of the sale at the time of the sale.
8. A company must accrue a liability for sick pay that accumulates but does not vest.
9. Companies report the amount of social security taxes withheld from employees as well as the companies’ matching portion as current liabilities until they are remitted.
10. Accumulated rights exist when an employer has an obligation to make payment to an employee even after terminating his employment.
11. Companies should recognize the expense and related liability for compensated absences in the year earned by employees.
12. Companies should accrue an estimated loss from a loss contingency if information available prior to the issuance of financial statements indicates that it is probable that a liability has been incurred.
13. A company discloses gain contingencies in the notes only when a high probability exists for…...

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