DeVry ACC 305 Week 5 Quiz Latest

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DeVry ACC 305 Week 5 Quiz Latest

  1. 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

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DeVry ACC 305 Week 5 Quiz Latest

Best DeVry ACC 305 Week 5 Quiz Latest

DeVry ACC 305 Week 5 Quiz Latest