Question 1

Simple interest is calculated as: Principal × Time.

Accepted Answer

A) True 
 B)False

Question 2

For the future value of a single amount, the compounding period may only be once a year.

Accepted Answer

A) True 
 B)False

Question 3

A company receives $111, of which $11 is for PST (provincial sales tax). The journal entry to record the sale would include a

Accepted Answer

A)  debit to PST Expense for $11. 
B)  credit to PST Payable for $11. 
C)  debit to Sales for $111. 
D)  debit to Cash for $90. 
A)  debit to PST Expense for $11. 
B)  credit to PST Payable for $11. 
C)  debit to Sales for $111. 
D)  debit to Cash for $90.

Question 4

A contingent liability that has a remote probability of occurrence must be disclosed in a note to the ﬁnancial statements.

Accepted Answer

A) True 
 B)False

Question 5

Situations which require that future income tax be reported involve a difference that is called which of the following?

Accepted Answer

A)  A permanent difference. 
B)  A reversing tax inverse difference. 
C)  A temporary difference. 
D)  A contingent liability. 
A)  A permanent difference. 
B)  A reversing tax inverse difference. 
C)  A temporary difference. 
D)  A contingent liability.

Question 6

A contingent liability that is "probable" and can be "reasonably estimated" must be accrued and reported as a liability.

Accepted Answer

A) True 
 B)False

Simple interest is calculated as: Principal × Time.

For the future value of a single amount, the compounding period may only be once a year.

A company receives $111, of which $11 is for PST (provincial sales tax). The journal entry to record the sale would include a

A contingent liability that has a remote probability of occurrence must be disclosed in a note to the ﬁnancial statements.

Situations which require that future income tax be reported involve a difference that is called which of the following?

A contingent liability that is "probable" and can be "reasonably estimated" must be accrued and reported as a liability.

Business Decisions and Financial Accounting

The Balance Sheet

The Income Statement

Adjustments, Financial Statements, and Financial Results

Fraud, Internal Control, and Cash

Merchandising Operations and the Multistep Income Statement

Inventory and Cost of Goods Sold

Receivables, Bad Debt Expense, and Interest Revenue

Liabilities

Stockholders Equity

Statement Cash Flows

Measuring and Evaluating Financial Performance

Filters

Exam 9: Long-Lived Tangible and Intangible Assets

Simple interest is calculated as: Principal × Time.

For the future value of a single amount, the compounding period may only be once a year.

A company receives $111, of which $11 is for PST (provincial sales tax). The journal entry to record the sale would include a

A contingent liability that has a remote probability of occurrence must be disclosed in a note to the ﬁnancial statements.

Situations which require that future income tax be reported involve a difference that is called which of the following?

A contingent liability that is "probable" and can be "reasonably estimated" must be accrued and reported as a liability.

Business Decisions and Financial Accounting

The Balance Sheet

The Income Statement

Adjustments, Financial Statements, and Financial Results

Fraud, Internal Control, and Cash

Merchandising Operations and the Multistep Income Statement

Inventory and Cost of Goods Sold

Receivables, Bad Debt Expense, and Interest Revenue

Liabilities

Stockholders Equity

Statement Cash Flows

Measuring and Evaluating Financial Performance

Filters