Question: Multiple Choice Questions 1 Liabilities are recognized a In exchange for goods b

Multiple Choice Questions
1. Liabilities are recognized:
a. In exchange for goods.
b. In exchange for services.
c. In exchange for borrowing money.
d. All of these.
2. When reporting liabilities on a balance sheet, in theory, what measurement should be used?
a. Future value of the future outflow
b. Future value of the present outflow
c. Present value of the future outflow
d. Present value of the present outflow
3. Which of the following is not a current liability?
a. Sales taxes payable
b. Bonds payable due in five years
c. Accounts payable
d. Unearned revenue
4. Which of the following is not an example of an accrued liability?
a. Wages payable
b. Interest payable
c. Accounts payable
d. Property taxes payable
5. All of the following represent taxes commonly collected by businesses from customers except:
a. Unemployment taxes
b. Federal excise taxes
c. State sales taxes
d. City sales taxes
6. Payroll taxes typically include all of the following except:
a. Medicare taxes
b. Federal unemployment taxes
c. Social Security taxes
d. Federal excise taxes

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