End-of-Chapter Quiz Questions
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| True or False. Product warranties are an estimated liability. | show 🗑
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| show | True
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| show | True
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| True or False. Allowance for bad debts is an estimated liability. | show 🗑
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| Recording estimated warranty expense in the current year best follows what accounting principle? | show 🗑
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| Crank the Volume grants a 120-day warranty on all stereos. Historically, approx. 1% of all sales prove to be defective. Sales in March are $450,000. In March, $3,800 of defective units are returned for replacement. What entry must CV make to rec. WarExpe? | show 🗑
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| A Co. sells a single product that carries a 45-day warranty against defects. 4% of the units sold will prove defective and require repair cost of $25 per unit. During the Co.'s 1st month of oper., total sales = 900 units, 15 were defective. Liability is? | show 🗑
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| True or False. A contingent liability should be recorded in the accounts if the amount can be reasonably estimated. | show 🗑
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| True or False. A contingent liability should be recorded in the accounts if the amount is due in cash within one year. | show 🗑
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| show | True
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| An unsecured bond is a: | show 🗑
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| show | Is a contra account to Bonds Payable
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| The discount on a bond payable becomes: | show 🗑
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| A bond that matures in installments is called a: | show 🗑
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| The carrying value of Bonds Payable equals: | show 🗑
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| A corporation issues bonds that pay interest each May 1 and Nov. 1. The corporation's Dec. 31 adjusting entry may include a: | show 🗑
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