Question
Can someone please help me!!! im struggling with these questions 1) Which of the following is not an example of a definitely determinable liability? A)
Can someone please help me!!! im struggling with these questions
1) Which of the following is not an example of a definitely determinable liability? A) Payroll taxes payable. B) Pending Litigation. C) Dividends payable. D) Unearned revenues.
2) A contingent liability is: A) Always entered in the accounting records at its estimated fair value. B) A potential obligation that depends on a future arising from a past transaction or event. C) An advance payment for goods or services that a company must provide in a future period. D) Set by contract or statue and that can be measured exactly.
3) A commitment is: A) An estimated liability. B) An accrued liability. C) A legal obligation that does not meet the technical requirements for recognition as a liability and so is not recorded. D) Always entered in the accounting records at its estimated fair value.
4) Which of the following is paid by the employer only? A) Social Security tax B) Medicare tax C) Employee income tax D) Federal unemployment tax
5) It is mandatory for both the employers and employee to pay: A) FICA. B) SUTA. C) Employee income tax. D) Federal unemployment tax.
6) Rocco worked 43 hours at his job during the first week of March 2015. He is paid $14.50 per hour and receives overtime at the rate of time-and-one-half for hours worked over forty. What is Rocco's gross pay for the week? A) $623.50 B) $628.00 C) $645.25 D) $935.25
7) Which of the following is a reason that many companies require a photo ID when employees pick up their paychecks? A) To make sure an employee's work hours have been accurately reported. B) To avoid writing a paycheck to a fictitious person. C) To make sure all employees are legal citizens. D) To make sure all employees are legal adults.
8) An example of a current liability is: A) 5 years Notes payable B) Mortgage payable C) Bonds payable D) Salaries payable
9) Long-term debt, as a source of funds, includes the issuance of all of the following except: A) Stock B) Bonds C) Leases D) Mortgages
10) A bond indenture is an (n): A) Bond secured by corporate assets. B) A contract that defines the rights, privileges, and limitation of the bondholders. C) Bond on which interest is past due. D) Unsecured bond.
11) Bonds that give the issuer the right to buy back and retire the bonds before maturity are called: A) Convertible bonds. B) Secured bonds. C) Callable bonds. D) Debenture bonds.
12) If the face interest rate is less than the market rate, the bond will sell at: A) Call price. B) Face value. C) A premium. D) A discount.
13) A bond is issued at premium: A) When a bond's stated interest rate is equal to the market interest rate. B) When a bond's stated interest rate is less than the effective interest rate. C) When a bond's stated interest rate is less than the market interest rate. D) When a bond's stated interest rate is higher than the market interest rate.
14) The reason investors buy bonds is to: A) Earn interest. B) Own controlling interest in the company. C) Exercise voting rights in a company. D) Receive dividend payments.
15) The interest rate on which cash payments to bondholders are based is the: A) Market rate. B) Discount rate. C) Stated rate. D) Amortization rate.
16) When a bond is sold at a price higher than the face value, the difference is known as a: A) premium. B) Discount. C) Maturity value. D) Face value.
17) When a bond is sold at a price lower than the face value, the difference is known as a: A) Premium. B) Discount. C) Maturity value. D) Face value.
18) Unsecured bonds (or debenture bonds) are: A) Issued on the basis of a corporation's general credit. B) When the bonds mature on different dates. C) Give the issuer the right to buy back and retire the bonds before maturity. D) When all the bonds mature at the same time.
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