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ACC 212 EXAM 4 QUESTIONS AND CORRECT DETAILED ANSWERS $8.49
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Exam (elaborations)

ACC 212 EXAM 4 QUESTIONS AND CORRECT DETAILED ANSWERS
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what is created when companies... -Buys goods and services on credit -Obtains short-term loans -Issues long-term debt - ANS liabilities! short-term obligations that will be paid with current assets within the company's current operating cycle or within one year of the balance sheet date, w...

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  • September 24, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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K
C
LO
YC
D
U
ST




ACC 212 EXAM 4 QUESTIONS AND
CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) ALREADY
GRADED A+

, what is created when companies...
-Buys goods and services on credit
-Obtains short-term loans
-Issues long-term debt - ANS liabilities!

short-term obligations that will be paid with current assets within the company's current
operating cycle or within one year of the balance sheet date, whichever is longer. - ANS
current liabilities

Liabilities that have been incurred but not yet paid - ANS accrued liabilities




K
Increase (credit) or decrease (debit) accounts payable...




C
when a company receives goods or services on credit - ANS increase

Increase (credit) or decrease (debit) accounts payable...




LO
when a company pays on its account - ANS decrease

either required by law or voluntarily requested by employees and create a current liability for the
company. Examples include:
YC
1.Income tax
2.FICA tax
3. charitable donations - ANS payroll deductions

1.establishing the note,
2.accruing interest incurred but not paid,
D

3.recording interest paid, and
the recording principal paid. - ANS 4 key events with any note payable
U


principal x interest rate x time - ANS interest

Payments collected from customers at time of sale create a liability that is due to the state
ST




government. - ANS Sales Tax Payable

Cash received in advance of providing services creates a liability of services due to the
customer - ANS Deferred Revenue

Borrowers must report in Current Liabilities the portion of (short/long)-term debt that is due to be
paid within one year - ANS long term debt

financial instruments that outline the future payments a company promises to make in exchange
for receiving a sum of money now - ANS Bonds

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