Which of the following items below is recorded as an estimate when initially recognized 23 Multiple Choice 00:35:43 CPP payable Warranty obligation Unearned revenue Notes payable Prey 23 of 38 Next > The principle of faithful representation Help Seve 24 1 Multiple Choice points 00:35-18 Requires that all inventory tems be reported at ful cost Requires that all items of a material nature be included in financial statements Requires that a company use the same accounting methods pertog after pened Requires that information be complete, neutral and meeram error, so ets and income are not overstated, and liabilities and expenses are not understated Requires that revenues and costs be reported in the period in with they are ed or incurred Help Save & 25 Electron borrowed $75,000 from TechCom by signing a promissory note and pledging $85,000 in accounts receivable as security. TechCom's entry to record the transaction should include a 1 points Multiple Choice 8 00:34:47 Debit to Notes Receivable for $75,000 Credit to Notes Receivable for $75,000 bang Credit to Sales for $75,000 Debit Notes Payable for $75,000 Debit to Accounts Receivable for $75,000 Activate Wine map/index.html?_con=con&external_br 90% Q Search Mid 1 - Ch 5,6,8,9,10 Appl&II - Sun, Jul 5 - 10 am to 12 pm Swed Help Save & Exh 26 A company that has operated with a 30% average gross profit ratio for a number of years had $110,000 in net sales during the first quarter of this year. If it began the quarter with $28,000 in inventory at cost and purchased $75,000 of merchandise during the quarter, its estimated ending inventory by the gross profit method is 1 points Multiple Choice 00:34:08 $26,000 $21,000 $25,000 $24.000 $20,000 26 of 38 !!! Next >