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ACCOUNTING 205-Current Liabilities are

01 / 10 / 2021 Projects

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ACCOUNTING 205-Current Liabilities are

1.Current Liabilities are _____________________________.(Points : 1) listed before assets on the balance sheetobligations that must be settled within one year or the operating cycle, whichever is longerobligations that must be settled within one year or the operating cycle, whichever is shorternot described by any of these answersQuestion 2. 2.The Unearned Revenue account is used to record ____________________.(Points : 1) purchase orders received from customers loans made to customers so they can purchase products the sale of a product to a customer a deposit received from a customer in advance for a future product or service.Question 3. 3.A contingent liability like a lawsuit is required to be recorded when the probability of an unfavorable outcome is __________________.(Points : 1) probable possible remote anybody’s guessQuestion 4. 4.An employer is required to match certain payroll taxes like ________________.(Points : 1) Unemployment taxes Workers compensation Social security None of the taxes listed hereQuestion 5. 5.If a firm plans to conduct business in multiple states what organization form is required?(Points : 1) Corporation Partnership No special form of organization is required Sole proprietorshipQuestion 6. 6.The form of business organization that has a perpetual existence is the ___________.(Points : 1) corporation sole proprietorship partnership none of theseQuestion 7. 7.The concept of mutual agency in relationship to a partnership means______________.(Points : 1) each partner must use the same insurance agent a partner cannot financially obligate the other partners in the partnership without their knowledge there is no such concept that impacts a partnership a partner can financially obligate all partners in the partnership without their knowledgeQuestion 8. 8.A sole proprietor __________________.(Points : 1) Files a separate tax return Has unlimited liability for debts of the firm Has limited liability for debts of the organization Pays no Social Security or Medicare taxesQuestion 9. 9.The journal entry needed when a partner contributes assets to the partnership would include ____________________.(Points : 1) a debit to owners capital and a credit to an asset account a debit to an asset account and a credit to common stock a debit to an asset account and a credit to owners capital a debit to equity and a credit to owners capitalQuestion 10.10.The term par value in a business organization refers to_________________.(Points : 1) the legal capital requirement per share of stock the owners golf handicap the legal liability of a corporation in the event of a lawsuit none of the stated explanations



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