ACC 291 Week 2 Chapter 10 Practice Quiz 1

# ACC 291 Week 2 Chapter 10 Practice Quiz 1

J
0 points

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

J
0 points

#### Oh Snap! This Answer is Locked

Thumbnail of first page

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

Filename: acc-291-week-2-chapter-10-practice-quiz-1-91.doc

Filesize: < 2 MB

Print Length: 7 Pages/Slides

Words: 796

Surround your text in *italics* or **bold**, to write a math equation use, for example, $x^2+2x+1=0$ or $$\beta^2-1=0$$

Use LaTeX to type formulas and markdown to format text. See example.