intermediate acct test bank ch13.docx
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intermediateaccttestbankch13
CHAPTER13
CURRENTLIABILITIESANDCONTINGENCIES
IFRSquestionsareavailableattheendofthischapter.
TRUE-FALSE—Conceptual
AnswerNo.Description
F1.Zero-interest-bearingnotepayable.
F2.Dividendsinarrears.
T3.Examplesofunearnedrevenues.
T4.ReportingdiscountonNotesPayable.
F5.Currentlymaturinglong-termdebt.
F6.Excludingshort-termdebtrefinanced.
T7.Accountingforsalestaxcollected.
F8.Accountingforsickpay.
T9.Socialsecuritytaxesasliabilities.
F10.Definitionofaccumulationrights.
T11.Recognizingcompensatedabsencesexpense.
F12.Accruingestimatedlosscontingency.
T13.Disclosinggaincontingencies.
F14.Sales-typewarrantyprofit.
T15.Fairvalueofassetretirementobligation.
T16.Reportingalitigationliability.
F17.Expensewarrantyapproach.
F18.Acid-testratiocomponents.
F19.Affectoncurrentratio.
T20.Reportingcurrentliabilities.
MultipleChoice—Conceptual
AnswerNo.Description
d21.Definitionofaliability.
d22.Natureofcurrentliabilities.
a23.Recordingofaccountspayable.
a24.Classificationofnotespayable.
b25.Classificationofdiscountsonnotespayable.
d26.Identifycurrentliability.
c27.Bondsreportedascurrentliability.
d28.Identifyitemwhichisnotacurrentliability.
c29.Dividendsreportedascurrentliability.
d30.Classificationofstockdividendsdistributable.
c31.Identifyitemwhichisnotacurrentliability.
d32.Identifycurrentliability.
c33.Characteristicofcurrentliability.
d34.Definitionofaliability.
b35.Importanceofliabilitysectionofbalancesheet.
a36.Currentliabilitiesandoperatingcycle.
MultipleChoice—Conceptual（cont.）
AnswerNo.Description
a37.Presentvalueandconceptofaliability.
c38.Zero-interest-bearingnotespayable.
d39.Callabledebtreporting.
d40.Conditiontoexcludeshort-termobligation.
a41.Abilitytoconsummaterefinancingofshort-termdebt.
b42.Disclosureofpreferreddividendsnotdeclared.
c43.Exampleofunearnedrevenue.
d44.Short-termobligationsexpectedtoberefinanced.
d45.Abilitytoconsummaterefinancingofshort-termobligations.
d46.Determinewhatisaliability.
a47.Classificationofsalestaxes.
dS48.Disclosureforshort-termdebtrefinanced.
bS49.Vestedrightsvs.accumulatedrights.
dP50.Deductionsincomputingnetpay.
d51.Employer'spayrolltaxexpense.
d52.Accrualofaliabilityforcompensatedabsences.
c53.Accrualofaliabilityforcompensatedabsences.
d54.Accrualofaliabilityforcompensatedabsences.
d55.Compensatedabsences.
d56.Requirementsforcompensatedabsencesaccrual.
b57.Conditionforsickpayaccrual.
c58.Payrolltaxdeduction.
d59.Definitionofacontingency.
b60.Recordingcontingentliability.
a61.Exampleofcontingentliability.
d62.Recordingcontingentliability.
d63.Disclosureofagaincontingency.
d64.Disclosureofcontingencies.
b65.Accrualoflosscontingency.
a66.Litigationandlosscontingencies.
c67.Accrualofacontingentliability.
d68.Sourceofacontingentliability.
b69.Assetretirementobligation.
c70.Assetretirementobligation.
c71.Classificationofwarrantyliability.
c72.Liabilityaccrualduetogovernmentalaction.
a73.Accrualofproductwarranties.
bP74.Determininglossamounttoreport.
dS75.Reportinglawsuitlossandliability.
dS76.Accrualmethodforwarrantycosts.
c77.Accrualwarrantymethod.
d78.Cash-basiswarrantymethod.
a79.Characteristicofexpensewarrantyapproach.
b80.Accountingfordiscountcoupon.
a81.Conditiontorecognizeassetretirementobligation.
b82.Recordingliabilityforpendinglitigation.
d83.Computationofacid-testratio.
c84.Currentratioinformation.
MultipleChoice—Conceptual（cont.）
AnswerNo.Description
cS85.Presentationofcurrentliabilities.
aP86.Currentratioformula.
d87.Disclosureofaccruedliabilities.
d88.Acid-testratioelements.
d89.Itemsincludedincurrentratioandacid-testratio.
PThesequestionsalsoappearintheProblem-SolvingSurvivalGuide.
SThesequestionsalsoappearintheStudyGuide.
MultipleChoice—Computational
AnswerNo.Description
b90.Adjustingentryinvolvingdiscountonshort-termnotepayable.
d91.Calculateeffectiveinterestondiscountednote.
a92.Calculatecostofinventorypurchase.
d93.Calculateinterestexpense.
b94.Calculateinterestexpense.
c95.Reporting5-yearnoteinfinancialstatements.
b96.Calculateunearnedrevenue.
d97.Calculateamountofsalestaxpayable.
b98.Determineamountofshort-termdebttobereported.
d99.Determineamountofshort-termdebttobereported.
b100.Calculatesalestaxesforthemonth.
b101.Calculateamountofsalestaxespayable.
c102.Determineamountofsalessubjecttosalestax.
a103.Short-termdebttobeexcluded.
a104.Short-termdebttobeexcluded.
d105.Federal/stateunemploymenttaxes.
d106.Federal/stateunemploymenttaxes.
c107.Vacationliabilityaccrual.
c108.Vacationliabilityaccrual.
c109.Calculatepayrolltaxexpense.
d110.Calculationofvacationexpensetoberecognized.
a111.Calculationofaccruedliabilitytoberecognizedforcompensatedbalances.
d112.Effectofpayrolltaxesonassets/liabilities.
a113.Recordvacationliabilityaccrual.
b114.Recordlosscontingencyamount.
d115.Recordassetretirementobligation.
d116.Calculateextendedwarrantycontractprofit.
c117.Calculatewarrantyliability.
b118.Calculaterebateexpenseandliability.
d119.Assetretirementobligation.
a120.Calculateinsuranceexpenseandloss.
b121.Calculaterebateexpenseandliability.
d122.Assetretirementobligation.
d123.Calculatewarrantyliability.
MultipleChoice—Computational（cont.）
AnswerNo.Description
b124.Calculateliabilityforpremiums.
d125.Calculatewarrantyliability.
b126.Calculateliabilityforpremiums.
d127.Determinepremiumsexpensefortheyear.
d128.Calculateestimatedliabilityforpremiums.
d129.Calculateestimatedliabilityforpremiums.
b130.Determineamounttoaccrueasalosscontingency.
d131.Accruewarrantyexpensefortheyear.
a132.Calculatewarrantyliability.
d133.Determineamounttoaccrueasagaincontingency.
b134.Calculateliabilityforunredeemedcoupons.
c135.Calculatethequick（acid-test）ratio.
MultipleChoice—CPAAdapted
AnswerNo.Description
a136.Knowledgeofaccountspayable.
b137.Determinecurrentandlong-termportionsofdebt.
c138.Determineaccruedinterestpayable.
d139.Determineamountofshort-termdebttobereported.
a140.Calculateaccruedsalariespayable.
d141.Accrualofpayrolltaxes.
b142.Calculateunearnedservicecontractrevenue.
c143.Determineliabilityfromunredeemedtradingstamps.
d144.Determinerangeoflossaccrual.
d145.Calculatetheestimatedwarrantyliability.
c146.Disclosureofacasualtyclaim.
Exercises
ItemDescription
E13-147Notespayable.
E13-148Payrollentries.
E13-149Compensatedabsences.
E13-150Contingentliabilities.
E13-151Premiums.
E13-152Premiums.
PROBLEMS
ItemDescription
P13-153Accountsandnotespayable.
P13-154Refinancingofshort-termdebt.
P13-155Premiums.
P13-156Warranties.
CHAPTERLEARNINGOBJECTIVES
1.Describethenature,type,andvaluationofcurrentliabilities.
2.Explaintheclassificationissuesofshort-termdebtexpectedtoberefinanced.
3.Identifytypesofemployee-relatedliabilities.
4.Identifythecriteriausedtoaccountforanddisclosegainandlosscontingencies.
5.Explaintheaccountingfordifferenttypesoflosscontingencies.
6.Indicatehowtopresentandanalyzeliabilitiesandcontingencies.
SUMMARYOFLEARNINGOBJECTIVESBYQUESTIONS
Item
Type
Item
Type
Item
Type
Item
Type
Item
Type
Item
Type
Item
Type
LearningObjective1
1.
TF
22.
MC
27.
MC
32.
MC
37.
MC
92.
MC
138.
MC
2.
TF
23.
MC
28.
MC
33.
MC
38.
MC
93.
MC
147.
E
3.
TF
24.
MC
29.
MC
34.
MC
39.
MC
94.
MC
153.
P
4.
TF
25.
MC
30.
MC
35.
MC
90.
MC
136.
MC
21.
MC
26.
MC
31.
MC
36.
MC
91.
MC
137.
MC
LearningObjective2
5.
TF
41.
MC
45.
MC
95.
MC
99.
MC
103.
MC
6.
TF
42.
MC
46.
MC
96.
MC
100.
MC
104.
MC
7.
TF
43.
MC
47.
MC
97.
MC
101.
MC
139.
MC
40.
MC
44.
MC
S48.
MC
98.
MC
102.
MC
154.
P
LearningObjective3
8.
TF
46.
MC
52.
MC
56.
MC
106.
MC
110.
MC
140.
MC
9.
TF
S49.
MC
53.
MC
57.
MC
107.
MC
111.
MC
141.
MC
10.
TF
P50.
MC
54.
MC
58.
MC
108.
MC
112.
MC
148.
E
11.
TF
51.
MC
55.
MC
105.
MC
109.
MC
113.
MC
149.
E
LearningObjective4
12.
TF
46.
MC
60.
MC
62.
MC
64.
MC
66.
MC
68.
MC
13.
TF
59.
MC
61.
MC
63.
MC
65.
MC
67.
MC
150.
E
LearningObjective5
14.
TF
72.
MC
79.
MC
117.
MC
124.
MC
131.
MC
145.
MC
15.
TF
73.
MC
80.
MC
118.
MC
125.
MC
132.
MC
146.
MC
16.
TF
P74.
MC
81.
MC
119.
MC
126.
MC
133.
MC
151.
E
17.
TF
S75.
MC
82.
MC
120.
MC
127.
MC
134.
MC
152.
E
69.
MC
S76.
MC
114.
MC
121.
MC
128.
MC
142.
MC
155.
P
70.
MC
77.
MC
115.
MC
122.
MC
129.
MC
143.
MC
156.
P
71.
MC
78.
MC
116.
MC
123.
MC
130.
MC
144.
MC
LearningObjective6
18.
TF
20.
TF
84.
MC
P86.
MC
88.
MC
135.
MC
154.
P
19.
TF
83.
MC
S85.
MC
87.
MC
89.
MC
153.
P
155.
P
Note:
TF=True-FalseE=Exercise
MC=MultipleChoiceP=
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