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Accounting Expert Answers & Study Resources : Page 8

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100. Match each of the following terms with the appropriate definition. 1. Gross pay Total compensation earned by an employee.   2. Known liabilities Obligations due within a year or the company's operating cycle, whichever is longer.   3. Short-term note payable The portion of long-term debt that is due within one year.   4. Current liabilities Taxable goods or services.

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  • 100. Match each of the following terms with the appropriate
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  51. When a new partner is added to a partnership: A. The partnership ends. B. The underlying business ends. C. The underlying business continues. D. The partnership continues. E. The partnership ends, but the underlying business continues. 52. The TJR Partnership recorded the following journal entry: The transaction reflects: A. Acceptance of a new partner who invests $20,000.

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  •   51. When a new partner added to a partnership: A. The
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  46. Unearned revenue is initially recognized with a: A. Credit to revenue payable. B. Credit to revenue. C. Credit to unearned revenue. D. Debit to revenue. E. Debit to unearned revenue. 47. The receipt of $6,000 in advance ticket sales would be recorded as: A. Debit Cash, credit Unearned Revenue. B. Debit Unearned Revenue, credit Sales. C. Debit Sales,.

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  •   46. Unearned revenue initially recognized with a: A. Credit to revenue
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  61. Estimated liabilities can arise from: A. Warranties. B. Property taxes. C. Income taxes. D. Employee benefits. E. All of these answers are correct. 62. Employee vacation benefits: A. Are estimated liabilities. B. Are contingent liabilities. C. Become an expense when the employee takes a vacation. D. Are not recorded until the employee leaves. E. Are not required by law. 63. West.

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  •   61. Estimated liabilities can arise from: A. Warranties. B. Property taxes. C. Income
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  36. Obligations due to be paid within one year or the company's operating cycle, whichever is longer, are: A. Current assets. B. Revenues. C. Current liabilities. D. Operating cycle liabilities. E. Long term liabilities. 37. Obligations not expected to be paid within one year are reported as: A. Current assets. B. Current liabilities. C. Long term liabilities. D. Operating cycle.

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  •   36. Obligations due to be paid within one year or
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98. Classify each of the following items as either: 1. Long-term liability. 2. Current liability. 3. Not a liability 30-day promissory note Car payments on a 4-year loan due this year Salaries payable Bonds payable Employee deductions Income taxes payable Mortgage payments on a 30-year loan due this year Mortgage payments on a 30-year loan due next year Warranty work completed this.

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  • 98. Classify each of the following items as either: 1. Long-term
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  51. Accounts payable: A. Have specific due dates. B. Are long-term liabilities. C. Are estimated liabilities. D. Are amounts owed to suppliers for products and services purchased on credit. E. All of these answers are correct. 52. Payroll liabilities for current employees are: A. Contingent liabilities. B. Estimated liabilities. C. Can be either current or long-term depending on when.

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  •   51. Accounts payable: A. Have specific due dates. B. Are long-term liabilities. C.
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91. _______________ are obligations expected to be paid using current assets or by creating other current liabilities. 92. Unearned revenues are amounts received _______________. 93. Taxable goods or services on which GST is calculated and that include everything except zero-rated and exempt supplies are called ________________. 94. A refund of GST would be.

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  • 91. _______________ obligations expected to be paid using current assets
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