Liabilities areSelect one:O a.deferred credits that are recognized and measured in conformity with generally accepted accounting principles.O b. any accounts having credit balances after closing entries are made.O c. obligations to transfer ownership shares to other entities in the future.O d. present obligations arising from past events and results in an outflow of resources.

Name: Liabilities areSelect one:O a.deferred credits that are recognized an
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Description: Liabilities areSelect one:O a.deferred credits that are recognized and measured in conformity with generally accepted accounting principles.O b. any accounts having credit balances after closing entries are made.O c. obligations to transfer ownershi

Balance sheet includes the assets, liabilities and stockholders' equity of the company that…

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Business

Accounting

Liabilities are

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Liabilities are: a. any accounts having credit balances after closing entries are made. b. deferred credits that are recognized and measured in conformity with generally accepted accounting principles c. obligations arising from past transactions and payable in assets or services in the future. d. obligations to transfer ownership shares to other entities in the future.
How is the valuation of cuIrent assets affected if the company follows IFRS? ( OValuation is based on historical cost. OValuation is based on market adjustments. OValuation is based on LCM accounting. O Assets are expensed immediately. Aliability created for receiving cash for future services to be provided is termed O service revenue. O estimated warranty payable. Ounearned revenue. Oaccrued liability.
Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. T. Relevance characteristic 8. Consistency characteristic
Which of the following terms is used when assuming a business will continue to operate in theforeseeable future?A. separate entity conceptB. monetary measurement conceptC. going concern assumptionD. time period assumption
Advanced collections from customers prior to the performance obligation being satisfied is accounted as what account? As a deposit reported as an asset on the balance sheet A liability reported on the balance sheet Revenue reported on the income statement Deferred revenue reported as comprehensive income
Liabilities which are estimated and payable are; Select one: O a. Not reported on the balance sheet O b. Disclosed in the notes to the balance sheet O c. Estimated and reported on the balance sheet O d. Estimated and reported on the income statement
2. Debts (liabilities) refers to: a. Any account that maintains a credit balance after closing entries are made. b. Deferred credits that are recognized and measured in accordance with generally accepted accounting principles. c. Obligations to transfer in the future the participation of the owners' shares. d. Obligations arising from past transactions and which will be payable with assets or services rendered in the future.
IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the following instructions, indicate the following: ASSETS- if the transaction results to an asset LIABILITY- if the transaction results to a liability EQUITY- if the transaction results to an equity INCOME - if the transaction results to an income EXPENSE - if the transaction results to an expense WITHDRAWAL- if the transaction results to a withdrawal N/A- if the transaction does not result to any of the elements. Receipt of cash for services rendered to clients. Collection of rentals from lessees. Purchase of supplies on credit.
QUESTION 49 Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. V Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle d. Entity assumed to have a long life Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle f. Information has predictive and confirmatory value. Relevance characteristic 8. Consistency characteristic
Which of the following is a connector account? Retained Earnings O Prepaid Rent O Common Stock O Bond Payable O Accumulated Depreciation
How are gain contigencies reported in the financial statements? a. a contingent account receivable b. an accrued revenue c. a deferred revenue d. not at all
How are anticipated administrative expenses reported on a statement of financial affairs?a. As a footnote until actually incurred.b. As a liability with priority.c. As a partially secured liability.d. As an unsecured liability.