What are the three criteria for reporting contingent liabilities? Probable, reasonably possible, remote Certain, possible, unlikely Likely, unlikely, certain Definite, probable, possible

Probable, reasonably possible, remote

Business Liabilities: Classification, Recognition, Contingencies & Financial Implications

Flashcard

Learn Mode

Match

Library

Create

Flashcards

Library

Match (Coming Soon)

Finance - Personal Finance

jake12testoswi Created by 10 mon ago

Cards in this deck(51)

What is an obligation of a company to transfer some economic benefit in the future?

What are liabilities that are due within one year from the balance sheet date called?

What are liabilities owed for more than a year referred to as?

What is the term for when a company borrows cash from a bank and pays it back with interest?

Which costs include federal state income taxes, social security, Medicare, and investments in retirement plans?

Which costs include federal and state unemployment taxes, social security, and health insurance?

What is the term for the point in time where a gift card expires and transfers from deferred revenue to sales revenue?

What is the term for sales taxes collected from customers by the seller?

What is an existing uncertain situation that may result in a loss depending on the outcome of a future event?

What are the three criteria for reporting contingent liabilities?

When should a contingent liability be recorded as a journal entry?

What are goods sold to customers on account, where payment is made in the future, called?

What represents amounts owed to a company by its customers?

What is the amount of revenue to record that a company is entitled to receive?

What represents a reduction in the listed price of a good?

What is the term for when a customer returns a previously purchased good?

What type of account are sales revenues, allowances, and discounts?

What is it called when the seller reduces the customer's balance owed by providing a partial refund?

What represents a reduction in the amount to be received, not in the good itself?

How is the term '2/10, n/30' interpreted in sales terms?

Report accounts receivable for the net amount _____ to be collected.

What are the three stages to address when dealing with uncollectable accounts?

What is the journal entry for Allowance for Uncollectible Accounts (AUA)?

What type of account is Allowance for Uncollectible Accounts (AUA)?

What type of account is bad debt expense?

What is a written note between customers and lenders called?

What are items a company intends to sell to customers referred to as?

What is an expense representing the cost of the inventory that was sold, appearing on the income statement?

What type of company produces the inventory that they sell?

What type of company purchases finished products from other manufacturers to sell?

What is the formula for calculating the cost of goods sold?

What are the four inventory cost methods?

What inventory cost method matches each unit sold with its actual cost?

What inventory cost method assumes the first units purchased are the first ones sold?

What inventory cost method assumes the last units purchased are the first ones sold?

How is the weighted-average cost calculated?

Why is FIFO considered a balance sheet method?

Why is LIFO considered an income statement method?

What is the difference between LIFO and what the amount would have been if they used FIFO called?

What is the journal entry for purchasing inventory?

What is the journal entry for selling inventory?

What is the FIFO / LIFO adjustment journal entry?

What does FOB stand for?

What does FOB shipping point mean?

What does FOB destination mean?

For an inventory purchaser, freight in is added to which account?

For an inventory seller, freight out is reported as what?

What is the journal entry for a purchase discount?

What is the journal entry for purchase returns and allowances?

What is the estimated selling price of the inventory in the ordinary course of business called?

At year end, determine if cost or NRV is lower, record a journal entry if _____ is lower.

Ask Our AI Tutor

Get Instant Help with Your Questions

Need help understanding a concept or solving a problem? Type your question below, and our AI tutor will provide a personalized answer in real-time!

How it works

Ask any academic question, and our AI tutor will respond instantly with explanations, solutions, or examples.

Get Started

Browse questions and discover topic-based flashcards
Practice with engaging flashcards designed for each subject
Strengthen memory with concise, effective learning tools

Discover By Topic

Business Liabilities: Classification, Recognition, Contingencies & Financial Implications

Related Decks