Multiple Choice Questions 1. Liabilities are recognized: a. In exchange for goods. b. In exchange for services.
Question:
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
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Future Value
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...
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1 d All of these 2 c Present valu...View the full answer
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Related Book For 
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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