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Chapter 8 Quiz NAME: FINANCIAL ACCOUNTING 1 Working capital equals current assets minus current liabilities. a. True b. False 2 The classification of a liability as current or long-term is important because it may affect the evaluation of a company's liquidity. a. True b. False 3 All of the following are measures of liquidity and cash flow except a. return on assets. b. days' payable. c. payables turnover. d. the current ratio. 4 Usually, failure to record a liability means failure to record a(n) a. current asset. b. revenue. c. dividend. d. expense. 5 Which of the following most likely is an example of an accrued liability? a. Accounts payable b. Long-term debt c. Interest payable d. Sales tax payable 6 Which of the following does not represent a liability? a. An obligation for estimated income taxes payable b. An obligation to pay for goods purchased, payable one year after purchase c. An obligation for future purchases of goods d. Interest that has accrued on a bank loan 7 Dividends Payable is an example of a(n) a. contingent liability. b. long-term liability. c. definitely determinable liability. d. estimated liability. - - - - - - - Chapter 8 Quiz NAME: FINANCIAL ACCOUNTING 8 Use this information to answer the following question. A deposit of $5,400 made at the end of each year for three years at a 12% interest rate would grow to how much? a. $16,200.00 b. $18,144.00 c. $18,219.60 d. $7,587.00 9 Fabian Company is considering the purchase of a machine that will save the company $4,000 per year in operating costs for a period of 10 years. The most it should pay for the machine is equal to a. $4,000 times the present value of an ordinary annuity for 10 periods. b. $40,000. c. $4,000 times the future value of an ordinary annuity for 10 periods. d. $4,000 divided by the future value of a single sum at the end of 10 periods. 10 Use this information to answer the following question. - - A single deposit of $4,000 made at the beginning of period 1 at a 12% interest rate would grow to how much at the end of three years? a. $5,620.00 b. $5,016.00 c. $4,480.00 d. $13,496.00 11 A contingent liability is recorded in the accounting records a. if the contingency has not been described already in the notes to the financial statements. b. if it probably will become an actual liability and the exact amount is known. c. if it probably will become an actual liability and the amount can be reasonably estimated. d. under all circumstances. - - Chapter 8 Quiz NAME: FINANCIAL ACCOUNTING 12 Assume that a company received $2,400 in advance for one year membership fee in the fitness center. The entry that would be made to record the recognition of revenue at the end of first month is: a. b. c. d. 13 Which of the following taxes is not subject to a maximum amount per employee per year? a. State unemployment tax b. Medicare tax c. Federal unemployment tax d. Social security tax 14 Which of the following most likely is an estimated liability? a. Current portion of long-term debt b. Income taxes payable c. Sales tax payable d. Payroll liabilities 15 A company receives $180 for a sale, of which $10 is for sales tax. The journal entry to record the sale is: - - - a. b. c. d. - Chapter 8 Quiz NAME: FINANCIAL ACCOUNTING 16 Use this information to answer the following question. The following totals for the month of July were taken from the payroll register of Greene Company: The entry to record the accrual of federal unemployment tax (assume FUTA tax of .8 percent) would include a a. credit to Federal Unemployment Tax Payable for $64. b. debit to Federal Unemployment Tax Payable for $64. c. debit to FUTA Tax Expense for $64. d. credit to Payroll Taxes and Benefits Expense for $64. 17 Use this information to answer the following question. - The entry to record the payroll taxes expense would include a credit to a. Social Security Tax Payable. b. Cash. c. Salaries Payable. d. Federal Income Taxes Payable. 18 A contingent liability is best described as a(n) a. estimated liability. b. current liability. c. potential liability. d. probable liability. 19 The future value of an ordinary annuity table would not include the factor a. 8.0192. b. 0.971. c. 1.000. d. 25.290. - - Chapter 8 Quiz NAME: FINANCIAL ACCOUNTING 20 Payroll Taxes and Benefits Expense includes all of the following except a. unemployment taxes. b. Medicare taxes. c. pension contributions. d. state income taxes. ANSWER KEY CHAPTER 8 QUIZ ANSWER KEY - Page 6