Homework Answers
Answer : True
Explanations: Following Conditions are required for a liabillity
1. Liability should result from a past transaction or event
2. It should be a present obligation to pay.
3.It should be a future payment of assets or services.
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Question 1 10 pts A liability is a probable future payment of assets or services that...
TRUE/FALSE. Write 'T' If the statement is true and 'F if the statement is false 1)...
TRUE/FALSE. Write 'T' If the statement is true and 'F if the statement is false 1) A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events. 2) Obligations not due within one year are reported as current liabilities. 3) A bond with a par value of $1,000 trading at 101% sells for a premium. 4) An advantage of bond financing is that issuing...
#1 and #2 1. The accounting equation may be expressed as: A. Assets + Stockholders= Equity...
#1 and #2
1. The accounting equation may be expressed as: A. Assets + Stockholders= Equity = Liabilities B. Assets = Liabilities + Stockholders= Equity C. Assets = Stockholders= Equity - Liabilities D. Assets + Liabilities - Stockholders= Equity 2. Probable future economic benefits obtained or controlled by an entity as a result of past transactions or events are known as: A. Assets B.Liabilities C.Stockholder's Equity D. Revenues
Question 9 (1 point) An accrual basis taxpayer receives an advanced payment for services to be...
Question 9 (1 point) An accrual basis taxpayer receives an advanced payment for services to be performed over the next three years. The taxpayer reports the payments in gross income over the years as the services are rendered over the next three years. 1) True 2) False Question 10 (1 point) When a person receives compensation in the form of noncash property, the person is includes the fair market value of the property in gross income. 1) True 2) False...
decreases an asset $800; decreases a liability $800. has no effect on total assets. Question 4...
decreases an asset $800; decreases a liability $800. has no effect on total assets. Question 4 (1 point) Accounting systems should record all economic events. O events that result in a change in assets, liabilities, or shareholders' equity items. only events that involve cash. only events that include revenues, expenses, and cash. Question 5 (1 point) When a liability decreases the account is credited and the normal balance is a debit balance.
Question 13 1 pts When a general partnership ends, its assets will be divided in the...
Question 13 1 pts When a general partnership ends, its assets will be divided in the following order: (a) payments to creditors; (b) repayment of the partners' capital contribution; (c) repayment of loans owed to partners; and (d) profits paid according to the partnership agreement. True O False Question 14 1 pts "Joint liability" means that one partner, when sued, may insist that all partners be added to the litigation. O True O False
Question 10 2 pts State and federal unemployment taxes are imposed on both employers and employees....
Question 10 2 pts State and federal unemployment taxes are imposed on both employers and employees. O True False Question 15 2 pts Which of these is not included in an employer's payroll tax expense? OF.I.C.A. (social security) taxes O Federal income taxes Federal unemployment taxes State unemployment taxes Question 2 2 pts Which of the following is not one of the requirements for accruing the cost of compensated absences? Payment of the compensation is probable. The obligation relates to...
unearned revenue arises because the business receives goods or services before payment has been made True...
unearned revenue arises because the business receives goods or services before payment has been made True or false retirement compensation is a benefit because the employer sets aside money for the employees future retirement True or false gross pay is the total amount of salary,wages,commissions,and bonuses earned by an employee during a pay period,after taxes or any other deductions True or false the old age,survivors,and disability insurance component of FICA tax is imposed on the entire amount of an individual...
Question 8 0/0.41 pts A company has a lawsuit pending with regard to patent infringement. The...
Question 8 0/0.41 pts A company has a lawsuit pending with regard to patent infringement. The amount of the loss can be estimated and has a probable chance of occurrence. What journal entry is required? debit Estimated Lawsuit Loss and credit Estimated Lawsuit Liability debit Lawsuit Loss and credit Cash debit Estimated Lawsuit Loss and credit Cash debit Cash and credit Estimated Lawsuit Liability Question 7 0/0.41 pts Unearned Service Revenue relating to services, to be provided in one month,...
True or false? Question 10 10 pts In the semi-strong form of market efficiency, both new...
True or false?
Question 10 10 pts In the semi-strong form of market efficiency, both new public information and past information are reflected in security prices. True False
A Limited Liability Company (LLC) can be formed with only 1 member. True False QUESTION 11...
A Limited Liability Company (LLC) can be formed with only 1 member. True False QUESTION 11 The type of liability where every party is only liable for their pro-rata share of the indemnity is called: O Joint Liability Several Liability Joint and Several Liability All of the above QUESTION 12 The Financing form where a company sells the Accounts Receivable due from its customers is called: Account Receivable Credit Line Factoring Asset Backed Loan SBA Loan Indemnity is a sum...
TRUE/FALSE. Write 'T' If the statement is true and 'F if the statement is false 1) A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events. 2) Obligations not due within one year are reported as current liabilities. 3) A bond with a par value of $1,000 trading at 101% sells for a premium. 4) An advantage of bond financing is that issuing...
#1 and #2
1. The accounting equation may be expressed as: A. Assets + Stockholders= Equity = Liabilities B. Assets = Liabilities + Stockholders= Equity C. Assets = Stockholders= Equity - Liabilities D. Assets + Liabilities - Stockholders= Equity 2. Probable future economic benefits obtained or controlled by an entity as a result of past transactions or events are known as: A. Assets B.Liabilities C.Stockholder's Equity D. Revenues
Question 9 (1 point) An accrual basis taxpayer receives an advanced payment for services to be performed over the next three years. The taxpayer reports the payments in gross income over the years as the services are rendered over the next three years. 1) True 2) False Question 10 (1 point) When a person receives compensation in the form of noncash property, the person is includes the fair market value of the property in gross income. 1) True 2) False...
decreases an asset $800; decreases a liability $800. has no effect on total assets. Question 4 (1 point) Accounting systems should record all economic events. O events that result in a change in assets, liabilities, or shareholders' equity items. only events that involve cash. only events that include revenues, expenses, and cash. Question 5 (1 point) When a liability decreases the account is credited and the normal balance is a debit balance.
Question 13 1 pts When a general partnership ends, its assets will be divided in the following order: (a) payments to creditors; (b) repayment of the partners' capital contribution; (c) repayment of loans owed to partners; and (d) profits paid according to the partnership agreement. True O False Question 14 1 pts "Joint liability" means that one partner, when sued, may insist that all partners be added to the litigation. O True O False
Question 10 2 pts State and federal unemployment taxes are imposed on both employers and employees. O True False Question 15 2 pts Which of these is not included in an employer's payroll tax expense? OF.I.C.A. (social security) taxes O Federal income taxes Federal unemployment taxes State unemployment taxes Question 2 2 pts Which of the following is not one of the requirements for accruing the cost of compensated absences? Payment of the compensation is probable. The obligation relates to...
Question 8 0/0.41 pts A company has a lawsuit pending with regard to patent infringement. The amount of the loss can be estimated and has a probable chance of occurrence. What journal entry is required? debit Estimated Lawsuit Loss and credit Estimated Lawsuit Liability debit Lawsuit Loss and credit Cash debit Estimated Lawsuit Loss and credit Cash debit Cash and credit Estimated Lawsuit Liability Question 7 0/0.41 pts Unearned Service Revenue relating to services, to be provided in one month,...
True or false?
Question 10 10 pts In the semi-strong form of market efficiency, both new public information and past information are reflected in security prices. True False
A Limited Liability Company (LLC) can be formed with only 1 member. True False QUESTION 11 The type of liability where every party is only liable for their pro-rata share of the indemnity is called: O Joint Liability Several Liability Joint and Several Liability All of the above QUESTION 12 The Financing form where a company sells the Accounts Receivable due from its customers is called: Account Receivable Credit Line Factoring Asset Backed Loan SBA Loan Indemnity is a sum...
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