Exam 10: Reporting and Analyzing Liabilities

Detailed information such as a list showing the amounts of non-current debt that is scheduled to be paid off in each of the next five years should be disclosed in the notes to the financial statements.

(True/False)

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Question 61

A long-term note secured by collateral may be referred to as a

(Multiple Choice)

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Question 62

Use the following information to answer questions The following totals for the month of April were taken from the payroll register of Branson Corp.: -The journal entry to record payment of the net payroll would include a

(Multiple Choice)

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Question 63

A financial liability means there is a contractual obligation to pay cash in the future.

(True/False)

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Question 64

The relationship between current assets and current liabilities is

(Multiple Choice)

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Question 65

A contingent liability may materialize in the future because of something that happened in the past.

(True/False)

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Question 66

On March 1, Brutto Corp.issues a 3 year 5%, $60,000 note payable.The terms of the note include equal monthly instalment payments of $1,799.The entry to record the second instalment payment will include a

(Multiple Choice)

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Question 67

As equal instalment payments are made on a long-term loan,

(Multiple Choice)

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Question 68

Interest expense on a bank loan payable is only recorded at maturity.

(True/False)

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Question 69

Under ASPE, a contingent liability is recorded in the accounting records

(Multiple Choice)

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Question 70

On March 2, Conroy and Conrad Inc.obtained a loan for $120,000 for 5 years at 4%.Payments are $2,210 per month How much interest expense is recorded with the first instalment payment?

(Multiple Choice)

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Question 71

On January 1, 2022, Junction Limited, a calendar-year company, issued $160,000 of notes payable, of which $65,000 is due on January 1 for each of the next four years.The proper statement of financial position presentation on December 31, 2022, is

(Multiple Choice)

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Question 72

Which of the following statements is false?

(Multiple Choice)

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Question 73

The terms of an operating line of credit and a notes (loans) payable are disclosed in the notes to the financial statements.

(True/False)

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Question 74

Interest rates on notes and loans are usually stated as a(n)

(Multiple Choice)

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Question 75

The debt to total assets ratio measures the percentage of the total assets provided by creditors.

(True/False)

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Question 76

To the nearest dollar, what is the carrying amount of the bonds after the first interest payment?

(Multiple Choice)

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Question 77

Instalment payments consist of a mix of interest on the unpaid balance of the loan and a reduction of the loan principal.

(True/False)

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Question 78

Harmonized Sales Tax (HST) collected by a retailer are expenses

(Multiple Choice)

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Question 79

A customer paid a total of $8,960 for a purchase, including 13% HST (Harmonized Sales Tax).How much was the HST?

(Multiple Choice)

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Question 80

Showing 61 - 80 of 92

Detailed information such as a list showing the amounts of non-current debt that is scheduled to be paid off in each of the next five years should be disclosed in the notes to the financial statements.

A long-term note secured by collateral may be referred to as a

Use the following information to answer questions The following totals for the month of April were taken from the payroll register of Branson Corp.: -The journal entry to record payment of the net payroll would include a

A financial liability means there is a contractual obligation to pay cash in the future.

The relationship between current assets and current liabilities is

A contingent liability may materialize in the future because of something that happened in the past.

On March 1, Brutto Corp.issues a 3 year 5%, $60,000 note payable.The terms of the note include equal monthly instalment payments of $1,799.The entry to record the second instalment payment will include a

As equal instalment payments are made on a long-term loan,

Interest expense on a bank loan payable is only recorded at maturity.

Under ASPE, a contingent liability is recorded in the accounting records

On March 2, Conroy and Conrad Inc.obtained a loan for $120,000 for 5 years at 4%.Payments are $2,210 per month How much interest expense is recorded with the first instalment payment?

On January 1, 2022, Junction Limited, a calendar-year company, issued $160,000 of notes payable, of which $65,000 is due on January 1 for each of the next four years.The proper statement of financial position presentation on December 31, 2022, is

Which of the following statements is false?

The terms of an operating line of credit and a notes (loans) payable are disclosed in the notes to the financial statements.

Interest rates on notes and loans are usually stated as a(n)

The debt to total assets ratio measures the percentage of the total assets provided by creditors.

To the nearest dollar, what is the carrying amount of the bonds after the first interest payment?

Instalment payments consist of a mix of interest on the unpaid balance of the loan and a reduction of the loan principal.

Harmonized Sales Tax (HST) collected by a retailer are expenses

A customer paid a total of $8,960 for a purchase, including 13% HST (Harmonized Sales Tax).How much was the HST?

The Purpose and Use of Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Accrual Accounting Concepts

Merchandising Operations

Reporting and Analyzing Inventory

Internal Control and Cash

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Shareholders Equity

Reporting and Analyzing Investments

Statement of Cash Flows

Performance Measurement

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