A20 Final Exam Review Quiz - Chapter 10 & 18
Quiz by FK
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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.
truefalseTrue or False30s - Q2
Cash payments received in advance of goods being provided or services being performed should still be recorded as revenues.
falsetrueTrue or False30s - Q3
A current liability to the federal government arises when a business sells an item and collects HST on it.
truefalseTrue or False30s - Q4
A company with an operating line of credit has been pre-authorized by the bank to borrow money, up to a certain amount.
truefalseTrue or False30s - 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.
truefalseTrue or False30s - Q6
Interest expense should not be recorded prior to maturity.
falsetrueTrue or False30s - Q7
Current maturities of long-term debt are identified on the balance sheet as current liabilities.
truefalseTrue or False30s - Q8
Under ASPE, a contingent liability is recorded if it is likely and the amount can be reasonably estimated.
truefalseTrue or False30s - Q9
Property tax is an example of a contingent liability.
falsetrueTrue or False30s - Q10
If the total receipts of $5,300 include 13% HST, the HST is equal to $518.
falsetrueTrue or False30s - Q11
Current liabilities can be listed in order of liquidity.
truefalseTrue or False30s - Q12
An estimated liability should not be recorded until the exact amount is known.
falsetrueTrue or False30s - Q13
Canada Pension Plan has no annual maximum pensionable earnings.
falsetrueTrue or False30s - 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.
falsetrueTrue or False30s - Q15
Employers are required to pay 1.4 times employment insurance premiums that are paid by the employees.
truefalseTrue or False30s