3. which of the following transactions will result in the increase and decrease in liability? a. payment of loan by installment b. borrowed money from the bank c. issued a promissory note in payment of a liability d. request for an extension of the date of payment
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3. which of the following transactions will result in the increase and decrease in liability?
a. payment of loan by installment
b. borrowed money from the bank
c. issued a promissory note in payment of a liability
d. request for an extension of the date of payment
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- Which of the following is a liability created when a company receives cash for services to be provided in the future? Select one: a. Unearned revenue b. Estimated warranty payable c. Service revenue d. Accrued liability1.The following is a current liability: a. A long-term debt with current maturity, which will be paid from cash held in separate funds. b. A debt with current long-term maturity, which will be retired by issuing new debt. c. A debt with current maturity, which will be converted into common shares. d. None of the above. 2. Debts (liabilities) refers to: a. Any account that maintains a credit balance after closing entries are made. b. Deferred credits that are recognized and measured in accordance with generally accepted accounting principles. c. Obligations to transfer in the future the participation of the owners' shares. d. Obligations arising from past transactions and which will be payable with assets or services rendered in the future.FAST PLZ - Which of the following is a contra-liability account? a. Notes Payable b. Discount on Notes Payable c. Accumulated Amortization d. Taxes Payable
- 3- Which of the following is an arrangement by which one party promises to pay a sum of money to policyholder as protection against an adverse or unfavorable occurrence of event? a. Investment b. Fixed Deposit c. Insurance d. Short Term Loans7. Which of the following accounts is an liability? a. Bank deposit b. Prepaid insurance expense c. Account payable d. Short term investmentWhich of the following is a contra-liability account? a. Taxes Payable b. Accumulated Amortization c. Discount on Notes Payable d. Notes Payable
- TRUE OR FALSE? 1. Current assets less current liabilities equals net assets.2. The effect of a lender agreeing to give the borrowing entity a grace period after the reporting period will make a liability current.3. The effect of a lender agreeing to give the borrowing entity a grace period within the reporting period will make a liability noncurrent.Which of the following is not a liability? A. Notes payable. B. Current portion of long-term debt. C. Deferred revenue. D. An unused line of credit.how are the origination fees borne by the borrower accounted for in relation to the initial measurement of a loan receivable a. Added to initial measurement of the loa receivable b. Deducted from the initial measurement of the loan receivable c. Ignored d. Either added to or deducted from the initial measurement of the loean receivable if the origination fees are at leasr 10% of the proncipal amount of the loan
- Which of the following is true when accounts receivable are factored without recourse? a. The transaction may be accounted for either as a secured borrowing or as a sale, depending upon the substance of the transaction. b. The financing cost (interest expense) should be recognized ratably over the collection period of the receivables. c. The receivables are used as collateral for a promissory note issued to the factor by the owner of the receivables. d. The factor assumes the risk of collectibility and absorbs any credit losses in collecting the receivables.7.If a credit marked as "Upon receipt by the beneficiary of notice from the issuing bank that a draft has been . paid under this credit, a sum equal to the amount of such draft again become available under the credit" it is a (n) a. accumulative revolving credit b.non- accumulative revolving credit c.automatically revolving credit in relation to value d. non- automatically revolving credit in relation to value17-Which of the following is a contra-liability account? a. Accumulated Amortization b. Taxes Payable c. Discount on Notes Payable d. Notes Payable