Which of the following is a current liability? a) Notes Payable (due in 2 years) b) Unearned Revenue c) Bonds Payable d) Equipment
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- Which of the following is not considered a current liability? A. Accounts Payable B. Unearned Revenue C. the component of a twenty-year note payable due in year 20 D. current portion of a noncurrent note payableWhich of the following will be classified as a current liability? O a. Two-year noțes payable O b. Unearned rent Oc. Bonds payable Od. Mortgage loanWhich of the following is most likely to be classified and reported as current liability? a. Bond Payable b. Unearned Rent c. Mortgage Payable d. Two-year Note Payable e. None of the above.
- Which of the following is not considered a current liability? The current portion of a noncurrent note payable O Unearned Revenue O Accounts Payable Bonds payable due in 2 yearsWhich of the following is not considered a current liability?A. Accounts PayableB. Unearned RevenueC. the component of a twenty-year note payable due in year 20D. current portion of a noncurrent note payableTrue (t) or False (f) _____ Current maturities of long-term debt refers to the amount of interest on a note payable that must be paid in the current year)
- 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 debtWhich of the following is a charteristic of a current liability? A)a current liability must be of a known amount B)a current liability is due within one year or one operating cycle, whichever is longer C)a current liability must be of an estimated amount D)current liability’s are subtracted from long term liabilities on the balance sheetWhich of the following accounts could not be classified as a current liability? Multiple Choice Unearned revenues. Accounts payable. Notes payable (due in 11 months). Current portion of long-term note payable. Notes payable (due in 5 years).
- 2. Which of the following best describes the accounting for assurance-type warranty costs? * 1 point a. Expensed when paid. b. Expensed when warranty claims are certain. c. Expensed based on estimate in year of sale. d. Expensed when incurred.2. The printing costs and accounting/legal fees associated with the issuance of bonds should: (A) Be expensed when incurred. (B) Be reported as a deduction from the face amount of the bonds payable on the balance sheet. (C) Be accumulated in a deferred charge account (unamortized asset) and amortized to expense over the life of the bonds. (D) Be recorded as an expense all in the year the bonds mature or are retired. (E) None of the above.Which of the following is classified as nonmonetary? a. Warranty liability b. Accrued expense c. Unamortized discount on bonds payable d. Refundable deposit