ACCT 305 WEEK 5 QUIZ NEW
To view more, visit following link
http://unquite.com/question-details/ACCT-305-WEEK-5-QUIZ-NEW/2976
or email us
query@unquite.com
ACCT 305 WEEK 5 QUIZ NEW
1. Question : (TCO 6) Which of the following is not a current liability?
• Accounts payable.
• A note payable due in 2 years.
• Accrued interest payable.
• Sales tax payable.
2. Question : (TCO 5) When the investor owns 60% of the outstanding stock of another company, the investor should:
• Use the equity method.
• Classify the investment as Available-for-Sale.
• Consolidate the investee’s financial statements into their financial statements.
• Classify the investment as Held-to-Maturity
3. Question : (TCO 6) Which of the following is the best definition of a current liability?
• An obligation payable within one year.
• An obligation payable within one year of the balance sheet date.
• An obligation payable within one year or within the normal operating cycle, whichever is longer.
• An obligation expected to be satisfied with current assets or by the creation of other current liabilities.
4. Question : (TCO 6) A company should accrue a loss contingency only if the likelihood that a liability has been incurred is:
• More likely than not and the amount of the loss is known.
• At least reasonably possible and the amount of the loss is known.
• At least reasonably possible and the amount of the loss can be reasonably estimated.
• Probable and the amount of the loss can be reasonably estimated.
5. Question : (TCO 6) Panther Co. had a warranty liability of $350,000 at the beginning of 2011, and $310,000 at end of 2011. Warranty expense is based on 4% of sales, which were $50 million for the year. What were the warranty expenditures for 2011?
• $0.
• $1,960,000.
• $2,000,000.
• $2,040,000.
ACCT 305 WEEK 5 QUIZ NEW
To view more, visit following link
http://unquite.com/question-details/ACCT-305-WEEK-5-QUIZ-NEW/2976
or email us...