Chapter 13
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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| what is a liability? | show 🗑
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| 3 characteristics of liabilities | show 🗑
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| show | obligations whose liquidation is reasonably espected to require use of existing resources properly classified as current assets
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| show | accounts payable, notes payable, current maturities of long-term debt, short-term obligations expected to be refinanced, dividends payable, customer advances and deposits, unearned revenues, sales taxes payable, income taxes payable
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| accounts payable | show 🗑
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| show | written promises to pay a certain sum of money on a specified future date
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| show | the borrower receives an amount equal to the face value of the note less the interest; the bank takes its fee "up front" rather than on the date the note matures
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| show | looks like we don't owe a lot of money yet (make company look better)
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| show | it is to be refinanced by a new debt issue or by conversion into stock
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| show | 1) intends to refinance and 2) demonstrates an ability to refinance
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| ability can be evidenced by | show 🗑
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| Refinancing must occur... | show 🗑
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| show | amount owed by a corporation to its stockholders as a result of board of directors' authorization
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| show | the BOD authorizes the payment
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| show | payroll deductions, compensated absences, bonuses
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| employee pays for... | show 🗑
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| show | FICA tazes, FUTA, State unemployment
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| show | obligations arises from services already rendered by the employee, rights the vest/accumulate, payment of compensation id probable, amount can be reasonably estimated
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| vested rights | show 🗑
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| accumulated rights | show 🗑
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| show | usually considered additional wages and should be deducted in determining net income
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| contingency | show 🗑
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| gain contingencies are | show 🗑
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| 2 conditions of loss contingencies | show 🗑
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| show | future event or events are likely to occur
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| reasonably possible... | show 🗑
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| remote means... | show 🗑
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| show | time period in which the underlying cause of action occurred, probability of an unfavorable outcome, ability to make a reasonable estimate of the amount of loss
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| show | a promise made by a seller to a buyer to make good on a deficiency of quantity, quality, or performance in a product
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| show | used whenever the warranty is an integral and inseparable part of the sale and requires warranty costs to be charged to operating expense in the year of sale
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| sales warranty approach | show 🗑
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| show | when a company has an existing legal obligation associated with the retirement of a long-lived asset and when it can reasonably estimate the amount
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| self-insurance is not insurance, but | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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SweetCheeks0707
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