Which of the following statements is FALSE? O Under the cash basis method, warranty costs are...

 

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Which of the following statements is FALSE? O Under the cash basis method, warranty costs are charged to expense as they are paid. O Cash dividends should be recorded as a liability when they are declared by the board of directors. O Federal income taxes withheld from employees' payroll cheques should be recorded as a long-term liability. O Under IFRS, a company rmay exclude a short-term obligation from current liabilities if, at statement of financial position date, the entity expects to refinance under an existing agreement for at least a year, and the decision is solely at its discretion. Which of the following statements is FALSE? O Under the cash basis method, warranty costs are charged to expense as they are paid. O Cash dividends should be recorded as a liability when they are declared by the board of directors. O Federal income taxes withheld from employees' payroll cheques should be recorded as a long-term liability. O Under IFRS, a company rmay exclude a short-term obligation from current liabilities if, at statement of financial position date, the entity expects to refinance under an existing agreement for at least a year, and the decision is solely at its discretion.

Answer rating: 100% (QA)

False statement is Federal income taxes withheld from employees payroll cheque... View the full answer