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Q 1/10
Score 0
Which one is not a current liability?
30
Salaries Payable
Accounts Payable
Unearned Revenue
Prepaid insurance
Q 2/10
Score 0
Sales Tax Payable. Current or Long term?
30
current liability (CL)
long-term liability (LTL)
10 questions
Q.
Which one is not a current liability?
1
30 sec
Q.
Sales Tax Payable. Current or Long term?
2
30 sec
Q.
Note Payable due in 3 years. Current or Long term?
3
30 sec
Q.
Unearned Revenue due in 8 months. Current or Long term?
4
30 sec
Q.
Freeman estimates that it is reasonably possible but not likely that it will lose a current lawsuit. Freeman’s attorneys estimate the potential loss will be $4,500,000. Determine the appropriate accounting treatment for situation Freeman is facing.
5
30 sec
Q.
Freeman received notice that it was being sued. Freeman considers this lawsuit to be frivolous. Determine the appropriate accounting treatment for the situation Freeman is facing.
6
30 sec
Q.
Freeman is currently the defendant in a lawsuit. Freeman believes it is likely that it will lose the lawsuit and estimates the damages to be paid will be $75,000. Determine the appropriate accounting treatment for the situation Freeman is facing.
