End-of-Chapter Quiz Questions
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| show | True
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| show | True
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| True or False. Income taxes is an estimated liability. | show 🗑
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| show | False
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| Recording estimated warranty expense in the current year best follows what accounting principle? | show 🗑
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| show | Debit Warranty Expense and credit Estimated Warranty Payable, $4,500 ($450,000 x .01 = $4,500)
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| show | $525 [900 x .04 x $25 = warranty expense of $900; repaired $25 x 15 = $375; year-end liability = $525 ($900 - $375)]
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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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| True or False. A contingent liability should be recorded in the accounts if the related future event will probably occur. | show 🗑
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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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| show | Additional Interest expense over the life of the bonds
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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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| show | credit to Discount on Bonds Payable
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