ACC 291 Week 2 Chapter 10 Practice Quiz 1

ACC 291 Week 2 Chapter 10 Practice Quiz 1


J
Asked by 3 years ago
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ACC 291 Week 2 - Chapter 10 Practice - Quiz 1

Question 1

The time period for classifying a liability as current is one year or the operating cycle, whichever is:

longer.

possible.

shorter.

probable.

Question 2

To be classified as a current liability, a debt must be expected to be paid:

a. out of existing current assets.

b. by creating other current liabilities.

c. within 2 years.

d. both (a) and (b).

Question 3

Maggie Sharrer Company borrows 88,500 on September 1, 2011, from Sandwich State Bank by signing an 88,500, 12%, one-year note. What is the accrued interest at December 31, 2011?

2,655

10,620

3,540

4,425

Question 4

Becky Sherrick Company has total proceeds from sales of 4,515. If the proceeds include sales taxes of 5%, the amount to be credited to Sales is:

4,.

No...

ACC 291
jacob

1 Answer

J
Answered by 3 years ago
0 points

Oh Snap! This Answer is Locked

ACC 291 Week 2   Chapter 10 Practice   Quiz 1

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Excerpt from file: Question 1 The time period for classifying a liability as current is one year or the operating cycle, whichever is: longer. possible . shorter. probable. Question 2 To be classified as a current liability, a debt must be expected to be paid: a. out of existing current assets. b. by creating other

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