ACC142 Accounting ID Write correct answer in the space provided Each question carries mark. Total marks 5 a. Collections in advance b. Contingent asset c. Contingent liability d. Current liabilities e. Current portion of long-term debt f. Customer deposits g. Deferred revenues h. Demand loans i. Estimated liability j. Exempt supplies 1. GST-exempt services are educational, health care, and financial services 2. An obligation of an uncertain amount that can be reasonably estimated 3. Liabilities not having a fixed due date that are payable on the creditor's demand 4. Amounts received in advance from customers for future products or services. Also called collections in advance or custom deposits 5. Amounts received in advance from customers for future products or services. Also called collections in advance or deferred revenues 6 The portion of long-term debt that is due within one year of the balance sheet date; reported under current liabilities on the balance sheet 7. Obligations due within a year of the balance sheet date or the company's next operating cycle, whichever is longer; paid using current assets or by creating other current liabilities 8. A potential liability that depends on a future event arising out of a past transaction 9. A potential asset that depends on a future event arising out of a past transaction. Contingent assets are never recorded until actually realized but, if probable, can be disclosed in the notes to the financial statements 10. Amounts received in advance from customers for future products or services. Also called deferred revenues or custom deposits Page 1 0