Long term liabilities are usually associated with -purchase of a building -purchase of equipment -purchase of wages owed -both a and b

Residual interest in the asset of an entity that remains after deducting its liabilities is? a. Liabilities b. Expense c. Owner’s Equity d. Assets

On a classified balance sheet, wages payable is classified as: a.a current liability. b.a long-term liability. c.a current asset. d.a revenue account. e.a general expense.

How would each of the following items be reported on the balance sheet?     Item   Reported on (a)   Accrued vacation pay.   select a balance sheet section                                                           Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (b)   Estimated taxes payable.   select a balance sheet section                                                           Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (c)   Service warranties on appliance sales.   select a balance sheet section                                                           Current AssetsCurrent LiabilityCurrent Liability or Long-term LiabilityFootnote DisclosureLong-term InvestmentsProperty, Plant and EquipmentStockholders' Equity (d)   Bank overdraft.…

9. Interest payable is shown on the Oincome statement as an operating expense. Obalance sheet as a long-term liability. Obalance sheet as a current liability. balance sheet as a current asset.

Which of the following is a liability created when a company receives cash for services to be provided in the future? Select one: a. Unearned revenue b. Estimated warranty payable c. Service revenue d. Accrued liability

When a lessee makes periodic cash payments for a finance lease, which of the following accounts is decreased? A.Right-of-Use Asset B.Lease Rental Expense C.Interest Expense D.Lease Liability

Which item below is not a current liability? Select one: O O a. Unearned revenue b. Trade accounts payable c. cash dividends d. The currently maturing portion of long-term debt

Accumulated depreciation is record on the balance sheet as ___? A. A reduction in corresponding liability B. A reduction to the corresponding asset C. An increase in the corresponding liability D. An increase in the corresponding asset

If the cash amount paid to satisfy the “Asset Retirement Obligation” (ARO) account balance is greater than the ARO balance, which of the following is true? A gain should be recorded A loss should be recorded Neither a gain nor a loss should be recorded