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ACG I Chapter 8 Current and Contingent Liabilities questions with answers.ACG I Chapter 8 Current and Contingent Liabilities questions with answers.$8.99
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ACG I Chapter 8 Current and Contingent
Liabilities questions with answers.
All of the following are reported as current liabilities EXCEPT: ANS - Unearned revenues for services to
be provided in 16 months
Which of the following liability accounts is usually NOT an accrued liability: ANS - Notes Payable
Notes payable due in six months are reported as: ANS - current liabilities on the balance sheet.
Unearned Service Revenue relating to services to be provided in one month, is reported on the balance
sheet as: ANS - A current liability
The most frequently used current liabilities are: ANS - Accounts payable, notes payable, and accrued
liabilities
Which is NOT a current liability? ANS - Service revenue
Long-term liabilities are mostly for: ANS - Financing activities
Current liabilities are mostly for: ANS - Operating activities
Current liabilities are usually associated with: ANS - Payment of wages owed
Long-term liabilities are usually associated with: ANS - Purchase of a building and Purchase of
equipment
Typically, the hard part about computing the accounts payable rue over is getting the: ANS - Purchases
from suppliers
, Which number is needed in calculating the accounts payable turnover that is NOT normally reported on
the financial statements? ANS - Purchases from suppliers
How do you compute the purchases from suppliers: ANS - Cost of goods sold + ending inventory -
beginning inventory
When calculating accounts payable turnover, if there is not a material difference between the
company's beginning inventory and ending inventory, then: ANS - It is not necessary to adjust for the
inventory
A. When calculating accounts payable turnover, if there is not a material difference between the
company's beginning inventory and ending inventory, then the accounts payable turnover will be
________ whether purchases or cost of goods sold are used. ANS - Similar
If the accounts payable turnover is 5.4, what is the days' payable outstanding? (Round your answer to
the nearest day.) ANS - 68 Days
Explanation: 365/5.4= 68 Days
If the accounts payable turnover is 7.9, what is the days' payable outstanding? (Round your answer to
the nearest day.) ANS - 46 Days
Explanation: .9 = 46 days
The accounts payable turnover is calculated by purchases from suppliers divided by: ANS - Average
accounts payable
The accounts payable turnover expressed in days is 365 divided by: ANS - Accounts payable turnover
A typical credit period for payment is: ANS - 30 days
If Cost of Goods Sold is $300,000, beginning inventory is $29,000, and ending inventory is $30,000, then
the purchases from suppliers (assume all on account) would be: ANS - $301,000
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