5) Liabilities for which exact terms are not precisely known and cannot be determined until future events occur are:

Select one:

a. Judicable liabilities

b. Deductive liabilities

c. Non-determinable liabilities

d. Determinable liabilities

6) Provincial sales tax paid on purchased items:

Select one:

a. None of the available choices

b. Is collected in the Sales Taxes Paid account and the business files a claim to recover the amount at year end

c. Is recorded in the Sales Tax Payable account to reduce the amount of sales tax remitted to the government

d. Is added to the value of the asset or expense

7) Sales tax collected:

Select one:

a. Belongs to the customer

b. Belongs to the government

c. Is a type of revenue that is reported on a companys annual income tax.

d. Belongs to the business, but the government claims part of it.

8)Short-term notes payable can be issued for different reasons, which includes:

Select one:

a. All of the available choices

b. To serve as a tender of payment

c. To borrow from a bank

d. To extend credit terms

9) Payment received for services to be provided in the future is called:

Select one:

a. Unearned Revenue

b. Prepaid Revenue

c. Earned Revenue

d. Excess Revenue