(Please Answer all the questions)

Question 22 The amount of sales tax (GST and PST, or HST) collected by a retail store when making sales is O a miscellaneous revenue for the store. O a current liability. O not recorded because it is a tax paid by the customer. will increase the profit of the company. Question 23 Unearned revenue is initially recognized with a O debit to cash and credit to revenue. o debit to cash and credit to unearned revenue. debit to revenue and credit to cash. O debit to unearned revenue and credit to cash. Question 24 If a liability is dependent on a future event, it is called a O potential loss. 0 hypothetical loss. O probabilistic loss. O contingent loss. Question 25 On October 1, Bramble Computers borrows $76500 from Provincial Bank on a $76500, 4-month, 6% note. Assuming interest was accrued at December 31, the entry by Brambile Computers to record payment of the note and accrued interest on January 1 is: 78030 78030 Notes Payable Cash O Notes Payable Interest Payable 76500 1530 Cash 78030 76500 4590 81090 O Notes Payable Interest Payable Cash Notes Payable Interest Expense Cash 76500 1530 78030 instructor Question 26 Which of the following is a constraint in financial reporting? o cost 0 comparability consistency O going concern Question 27 At the time of acquisition, long-lived assets are recorded at o amortized cost. O lower of cost and market. at fair market value. o at cost. Question 28 In following the application of the qualitative characteristics, which characteristic would be immediately applied after the relevance characteristic? O faithful representation comparability O timeliness O understandability Question 29 The information provided in the notes that accompany financial statements is required because of the cost principle. O full disclosure principle. O matching principle. O revenue recognition principle. Question 30 Which of the following statements is not true? O Consistency means using the same accounting principles from year to year within a company. Faithful representation is the quality of information that gives assurance that all amounts reported are known with certainty. O Relevant accounting information must be capable of making a difference in a decision. Accounting standards for private entities have four principal qualitative characteristics