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FA chapter 9 quick check

meli ssa 16 preguntas 5,0 (1 valoración)

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Preguntas del test (16)

  1. 1Which of the following is not an estimated liability?
    1. A. Income taxes paid
    2. BAllowance for bad debts
    3. CProduct warranties
    4. DRetirement obligations
  2. 2The estimated warranty obligation at the end of the financial year is best described as
    which of the following?
    1. AContingent liability
    2. BUnrecognized liability
    3. CUncertain liability
    4. DConstructive liability
    5. ELiability
  3. 3Crank the Volume grants a 120-day warranty on all stereos. Historically, approximately
    1% of all units sold prove to be defective, requiring an average repair bill of $100. Sales in
    March are $472,500 for 4,500 units. In March, $3,900 of defective units are returned for
    replacement. What entry must Crank the Volume make at the end of March to record the
    warranty expense?
    1. ADebit Warranty Expense and credit Provision for Warranty Repairs, $4,725
    2. BDebit Warranty Expense and credit Provision for Warranty Repairs, $3,900.
    3. CDebit Warranty Expense and credit Cash, $4,725.
    4. DNo entry is needed at March 31.
  4. 4Excursion Camera Co. was organized to sell a single product that carries a 45-day warranty
    against defects. Engineering estimates indicate that 4% of the units sold will prove defective and require an average repair cost of $25 per unit. During Expedition’s first month of
    operations, total sales were 800 units; by the end of the month, 15 defective units had been
    repaired. The liability for product warranties at month-end should be
    1. A$1,175.
    2. B$425.
    3. C$375.
    4. D. $800.
    5. Enone of these.
  5. 5A contingent liability should be recorded in the accounts
    1. A. if the amount is due in cash within one year.
    2. B. if the amount can be reasonably estimated.
    3. Cif the related future event will probably occur
    4. DBoth b and c
    5. EBoth a and c
  6. 6An unsecured bond is a
    1. Aserial bond.
    2. Bterm bond.
    3. Cregistered bond.
    4. Dmortgage bond
    5. Edebenture bond.
  7. 7. The Discount on Bonds Payable account
    1. A. is expensed at the bond’s maturity
    2. B. is a contra account to Bonds Payable.
    3. Cis an expense account.
    4. Dis a miscellaneous revenue account.
    5. Ehas a normal credit balance.
  8. 8The discount on a bond payable becomes
    1. Aadditional interest expense over the life of the bonds.
    2. Ba liability in the year the bonds are sold.
    3. C. a reduction in interest expense over the life of the bonds.
    4. Dadditional interest expense the in year the bonds are sold
    5. Ea reduction in interest expense in the year the bonds mature.
  9. 9A bond that matures in installments is called a
    1. Asecured bond.
    2. Bterm bond
    3. C. serial bond.
    4. D. callable bond.
    5. Ezero coupon
  10. 10The carrying value of Bonds Payable equals
    1. ABonds Payable + Discount on Bonds Payable.
    2. BBonds Payable - Premium on Bonds Payable.
    3. CBonds Payable - Discount on Bonds Payable.
    4. D. Bonds Payable + Accrued Interest

Información

Descripción
Test sobre FA chapter 9 quick check, creado por meli ssa el 20/02/2019.
Idioma
English
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