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Chapter 11

Quiz by Julie Morris

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10 questions
Show answers
  • Q1
    Which one is not a current liability?
    Salaries Payable
    Accounts Payable
    Unearned Revenue
    Prepaid insurance
    30s
  • Q2
    Sales Tax Payable. Current or Long term?
    current liability (CL)
    long-term liability (LTL)
    30s
  • Q3
    Note Payable due in 3 years. Current or Long term?
    current liability (CL)
    long-term liability (LTL)
    30s
  • Q4
    Unearned Revenue due in 8 months. Current or Long term?
    current liability (CL)
    long-term liability (LTL)
    30s
  • Q5
    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.
    Do not disclose.
    Describe the situation in a note to the financial statements.
    Record an expense (or loss) and a liability based on estimated amounts.
    30s
  • Q6
    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.
    Do not disclose.
    Record an expense (or loss) and a liability based on estimated amounts.
    Describe the situation in a note to the financial statements.
    30s
  • Q7
    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.
    Describe the situation in a note to the financial statements.
    Do not disclose.
    Record an expense (or loss) and a liability based on estimated amounts.
    30s
  • Q8
    Known liabilities of estimated amounts are
    reported only in the notes to the financial statements.
    reported on the income statement.
    ignored. (Record them when paid)
    reported on the balance sheet.
    30s
  • Q9
    All are taxes employers pay except
    Income
    State unemployment compensation tax
    Federal unemployment compensation tax
    Employer FICA
    30s
  • Q10
    Gross pay is
    the amount of compensation that the employee actually takes home.
    the total amount of salary, wages, commissions, and any other employee compensation before taxes and other deductions
    30s

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