100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Test Bank for Horngren's Accounting, Volume 2, 12th Canadian Edition by Tracie Miller-Nobles CA$42.49   Add to cart

Exam (elaborations)

Test Bank for Horngren's Accounting, Volume 2, 12th Canadian Edition by Tracie Miller-Nobles

 21 views  0 purchase

Test Bank for Horngren's Accounting, Volume 2, Canadian Edition, 12th edition 12ce by Tracie Miller-Nobles; Brenda Mattison; Ella Mae Matsumura; Grant Mowbray; Carol A. Meissner; JoAnn L. ISBN-13: 2834 Full Chapters test bank included for Volume 2 Current Liabilities and Payroll Partnersh...

[Show more]

Preview 1 out of 756  pages

  • July 17, 2023
  • 756
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (1268)
avatar-seller
StepsSol
Horngren's Accounting, Vol. 2, Cdn. Ed., 12e (Miller-Nobles)
Test Bank Chapter 11 Current Liabilities and Payroll

11.1 Account for current liabilities of a known amount

1) Accrued interest on a note payable should be credited to interest payable.
Answer: TRUE
Diff: 1 Type: TF
CPA Competency: 1.2.2 Evaluates treatment for routine transactions
Objective: 11-1 Account for current liabilities of known amount
Knowledge Taxon: Factual
Cognitive Taxon: Remember

2) Interest payable is a contra liability account and is deducted from the note payable on the balance
sheet.
Answer: FALSE
Diff: 2 Type: TF
CPA Competency: 1.2.2 Evaluates treatment for routine transactions
Objective: 11-1 Account for current liabilities of known amount
Knowledge Taxon: Factual
Cognitive Taxon: Remember

3) A $45,000, 10%, 90-day note payable comes to maturity. The amount to be paid at maturity including
interest is $43,890.41.
Answer: FALSE
Diff: 2 Type: TF
CPA Competency: 1.2.2 Evaluates treatment for routine transactions
Objective: 11-1 Account for current liabilities of known amount
Knowledge Taxon: Procedural
Cognitive Taxon: Apply

4) An unearned revenue arises when a company receives cash from its customers in advance of earning
the revenue.
Answer: TRUE
Diff: 1 Type: TF
CPA Competency: 1.2.2 Evaluates treatment for routine transactions
Objective: 11-1 Account for current liabilities of known amount
Knowledge Taxon: Factual
Cognitive Taxon: Remember

5) Current portion of long-term debt refers to the amount of principle on a note payable that must be paid
within a year or an operating cycle.
Answer: TRUE
Diff: 2 Type: TF
CPA Competency: 1.2.2 Evaluates treatment for routine transactions
Objective: 11-1 Account for current liabilities of known amount
Knowledge Taxon: Factual
Cognitive Taxon: Remember

1

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller StepsSol. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$42.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67096 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$42.49
  • (0)
  Add to cart