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Test Bank for Intermediate Accounting Volume 2, 8th Canadian Edition by Thomas H. Beechy CA$42.65   Add to cart
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Test Bank for Intermediate Accounting Volume 2, 8th Canadian Edition by Thomas H. Beechy
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Test Bank for Intermediate Accounting Volume 2 vol 2 8th Canadian Edition by Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel. ISBN-13: 1240 Full Chapters test bank in PDF - Vol 2 Chapter 12: Financial Liabilities and Provisions Chap...

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  • September 1, 2022
  • 500
  • 2022/2023
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CHAPTER 12 – 8ce
1) A brewing company operating in an Ontario city experiencing water shortages received
its water bill for December 2023, on December 31, 2023. The bill ($8,000) represents the cost of
water used in December to make its product. The company will not publish the 2023 financial
statements until February 2024. Therefore, the adjusting entry as of December 31, 2023 includes
which of the following?


A) cr. utilities payable $8,000
B) cr. cash $8,000
C) cr. utilities expense $8,000
D) no adjusting entry needed because the bill will not be paid until January 2024




2) A short-term note payable may include all of the following except:


A) Trade notes payable.
B) Non trade notes payable.
C) A current portion of a long-term liability.
D) Unearned revenue.




3) Which of the following statements is correct?


A) Under IFRS, contingencies may be accrued, but not under ASPE.
B) Litigation for which the company will probably be found guilty would normally be
accrued as a provision.
C) Under IFRS, content gains should be recognized if they are reasonably certain to
occur.
D) A contingency is more likely to require an accrual than a provision.




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