I have 24 true and false questions for accounting class.

A liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future. Question 1 options: True False Save Question 2 (2 points) A liability can be defined by a type of borrowing from persons or banks for improving a business or personal income that is payable in the current or long term. Question 2 options: True False Save Question 3 (2 points) According to the International Accounting Standards Board (IASB): "A liability is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits. " Question 3 options: True False Save Question 4 (2 points) The sales and use tax is a tax paid to a governing body by a seller for the sales of certain goods and services. Question 4 options: True False Save Question 5 (2 points) The sales and use tax is a tax paid to a governing body by a seller based on employees' wages. Question 5 options: True False Save Question 6 (2 points) The sales tax payable account is reported in the current liability section of the balance sheet until the tax is paid Question 6 options: True False Save Question 7 (2 points) The sales tax payable account is reported in the current liability section under Stockholders' Equity and Assets until the tax is paid Question 7 options: True False Save Question 8 (2 points) Income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Question 8 options: True False Save Question 9 (2 points) Corporate tax refers to a direct tax levied on the net earnings made by companies or associations and often includes the capital gains of a company. Question 9 options: True False Save Question 10 (2 points) Net earnings are generally considered gross revenue minus expenses. Question 10 options: True False Save Question 11 (2 points) Net earnings are generally considered gross expenses minus liabilities. Question 11 options: True False Save Question 12 (2 points) Income tax payable can be accrued by debiting income tax expense and crediting income tax payable for the tax owed. Question 12 options: True False Save Question 13 (2 points) Wages and salaries in cash consist of wages or salaries payable at regular weekly, monthly, or other intervals. Question 13 options: True False Save Question 14 (2 points) According to the revenue recognition principle, the deferred amount is recorded as a liability until delivery is made, at which time it is converted into revenue. Question 14 options: True False Save Question 15 (2 points) The examples of contingent liability may include liabilities arising from lawsuits and discounted notes receivable. Question 15 options: True False Save Question 16 (2 points) Gross Pay reflects the amount of money you are promised either hourly, weekly or annually. Question 16 options: True False Save Question 17 (2 points) FICA is comprised of: a 6.2 percent Social Security tax and 1.45 percent Medicare tax. Question 17 options: True False Save Question 18 (2 points) FICA Medicare Tax is a voluntary deduction. Question 18 options: True False Save Question 19 (2 points) Net Pay reflects the amount that employee will receive after all taxes and voluntary deductions have been taken out. Question 19 options: True False Save Question 20 (2 points) Payrolls often are the largest expense that a company incurs. Question 20 options: True False Save Question 21 (2 points) Payrolls often are the smallest expense that a company incurs. Question 21 options: True False Save Question 22 (2 points) Employers normally record payroll taxes at the same time as the payroll to which they relate Question 22 options: True False Save Question 23 (2 points) Both federal and state governments require maintaining detailed payroll records. Question 23 options: True False Save