Matching
Use "yes," "no," or "optional" to indicate whether each situation should or should not be classified as a current liability or if accrual is optional
Premises:
Refundable deposits received from customers.
Dividends in arrears on its cumulative preferred stock.
Unearned interest included in the face amount of a note receivable.
Estimated property taxes prior to receiving the tax bill.
Future warranty costs, but the company uses the modified cash basis.
A declared property dividend.
Sick pay benefits that accumulate, but do not vest.
Current portion of a long-term lease obligation that comes due next year.
Current portion of a serial bond payable being paid from a sinking fund.
Short-term debt that is being refinanced on a long-term basis.
Derivative financial instruments that represent fair-value obligations
Responses:
Yes
No
Optional
Correct Answer:
Premises:
Responses:
Refundable deposits received from customers.
Dividends in arrears on its cumulative preferred stock.
Unearned interest included in the face amount of a note receivable.
Estimated property taxes prior to receiving the tax bill.
Future warranty costs, but the company uses the modified cash basis.
A declared property dividend.
Sick pay benefits that accumulate, but do not vest.
Current portion of a long-term lease obligation that comes due next year.
Current portion of a serial bond payable being paid from a sinking fund.
Short-term debt that is being refinanced on a long-term basis.
Derivative financial instruments that represent fair-value obligations
Premises:
Refundable deposits received from customers.
Dividends in arrears on its cumulative preferred stock.
Unearned interest included in the face amount of a note receivable.
Estimated property taxes prior to receiving the tax bill.
Future warranty costs, but the company uses the modified cash basis.
A declared property dividend.
Sick pay benefits that accumulate, but do not vest.
Current portion of a long-term lease obligation that comes due next year.
Current portion of a serial bond payable being paid from a sinking fund.
Short-term debt that is being refinanced on a long-term basis.
Derivative financial instruments that represent fair-value obligations
Responses:
Related Questions
Q39: Which of the following is a legal
Q40: Which journal entry would probably be
Q41: Which of the following statements is true?<br>A)GAAP
Q42: Unearned or deferred revenue can occur when<br>A)services
Q43: IFRS accounting for contingencies differs from U.S.GAAP
Q45: Bonita places a coupon in each
Q46: Ingram, Inc., places a coupon in each
Q47: Exhibit 13-4 During 2010, the Alexandra Company
Q48: List and describe the three conditions which
Q49: Current liabilities are obligations whose liquidation is