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A20 Final Exam Review Quiz - Chapter 10 & 18

Quiz by FK

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38 questions
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  • Q1

    Accounts payable may also be referred to as trade payables  and are the result of goods that have been purchased on credit.

    true
    false
    True or False
    30s
  • Q2

    Cash payments received in advance of goods being provided  or services being performed should still be recorded as revenues.

    false
    true
    True or False
    30s
  • Q3

    A current liability to the federal government arises when a  business sells an item and collects HST on it.

    true
    false
    True or False
    30s
  • Q4

    A company with an operating line of credit has been pre-authorized by the bank to borrow money, up to a certain amount.

    true
    false
    True or False
    30s
  • Q5

    A refrigerator is sold in year 1 and is guaranteed for three years. A repair is made in year 2. The company’s entry upon making the repair would include a debit to estimated warranty liability.

    true
    false
    True or False
    30s
  • Q6

    Interest expense should not be recorded prior to maturity.

    false
    true
    True or False
    30s
  • Q7

    Current maturities of long-term debt are identified on the balance sheet as current liabilities.

    true
    false
    True or False
    30s
  • Q8

    Under ASPE, a contingent liability is recorded if it is likely and the amount can be reasonably estimated.

    true
    false
    True or False
    30s
  • Q9

    Property tax is an example of a contingent liability.

    false
    true
    True or False
    30s
  • Q10

    If the total receipts of $5,300 include 13% HST, the HST is equal to $518.

    false
    true
    True or False
    30s
  • Q11

    Current liabilities can be listed in order of liquidity.

    true
    false
    True or False
    30s
  • Q12

    An estimated liability should not be recorded until the exact amount is known.

    false
    true
    True or False
    30s
  • Q13

    Canada Pension Plan has no annual maximum pensionable earnings.

    false
    true
    True or False
    30s
  • Q14

    Net pay for hourly workers with no overtime can be determined by applying the hourly rate of

    pay to the number of hours worked.

    false
    true
    True or False
    30s
  • Q15

    Employers are required to pay 1.4 times employment insurance premiums that are paid by the employees.

    true
    false
    True or False
    30s

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