Question: Accrued liabilities: Multiple Choice Are deferred charges to expense. Are generally paid in services rather than cash. Result from services received before payment is made.

Accrued liabilities:

Multiple Choice

  • Are deferred charges to expense.

  • Are generally paid in services rather than cash.

  • Result from services received before payment is made.

  • Result from payment before services are received.

Which of the following would be disclosed in the summary of significant accounting policies disclosure note?

Composition of Long-term debt Depreciation Method
a. No Yes
b. Yes No
c. Yes Yes
d. No No

Multiple Choice

  • Option d

  • Option c

  • Option a

  • Option b

The acid-test ratio is also known as the:

Multiple Choice

  • Debt to equity ratio.

  • Times interest earned ratio.

  • Quick ratio.

  • Current ratio.

The usual difference between accounts payable and notes payable is:

Multiple Choice

  • Legally enforceable debt.

  • CurrentLong-term classification.

  • Explicitly stated interest.

  • Known payment terms.

How are management's responsibility and the auditors opinion on internal controls represented in the unqualified auditor's report?

Management's Responsibility Auditors Responsibility
a. Not stated Stated
b. Stated Stated
c. Not stated Not stated
d. Stated Not stated

Multiple Choice

  • Option b

  • Option a

  • Option d

  • Option c

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