accounting quiz help

1. Which of the following would be considered an estimated liability?

A) Notes payable 

B) Warranties payable 

Don't use plagiarized sources. Get Your Custom Essay on
accounting quiz help
Get a PLAGIARISM-FREE custom essay written for you!
Order Essay

C) Pending litigation 

D) Sales tax payable 

Current liabilities are expected to be settled within

A) 3 months. 

B) 6 months. 

C) 1 year. 

D) more than 1 year. 

A company receives a note payable for $3,500 at 9% for 45 days. How much interest (to the nearest cent) will the customer owe using a 360-day year?

A) $354.38 

B) $315.00 

C) $39.38 

D) $38.84 

Utilize the _____________ principle to estimate warranty liabilities.

A) matching 

B) entity 

C) conservatism 

D) objectivity 

Which of the following would NOT be considered a contingent liability?

A) Pending legal action 

B) Potential fines from the EPA 

C) Mortgage payable 

D) Cosigning a loan 

A 3 month, 7% note for $14,000 is signed on November 1. What is the entry to accrue interest on December 31?

A) Debit to Interest Expense for $245 ; Credit to Interest Payable for $245.

B) Debit to Interest Expense for $245; Credit to Cash for $245.

C) Debit to Interest Expense for $163.33; Credit to Interest Payable for $163.33.

D) Debit to Interest Expense for $163.33; Credit to Cash for $163.33.

If cash sales are made of $100,000, and a state-imposed sales tax of 5% is collected, which of the following will occur in the journal entry to record the sale?

A) Debit to Cash for $100,000

B) Credit to Sales Tax Expense for $5,000

C) Credit to Sales Revenue of $100,000

D) Credit to Sales Revenue of $105,000

Which of the following will be reported in the balance sheet as a current liability?

A) Income tax payable due in 4 months.

B) Mortgage payable due in 18 months.

C) Current portion of long-term payable. 

D) Both A and C will be reported in the balance sheet as current liabilities.

How should contingent liabilities be treated if the outcome is probable and the amount can be reasonably estimated?

A) Journalize the entry for the estimated amount, recognizing it on the balance sheet only.

B) Create a note to the financial statements sharing the probability of the contingency loss only.

C) Do both A and B.

D) Do neither. We don’t record loss contingencies until we are required to pay under any circumstances.

If sales of $15,000 are made for the month, and estimated warranty costs are 3%, how do we recognize the warranty expense for the month?

A) Debit Warranty Payable for $450; Credit Warranty Expense for $450.

B) Debit Warranty Expense for $450; Credit Cash for $450.

C) Debit Warranty Expense for $450; Credit Warranty Payable for $450.

D) No entry is made to estimate the warranty costs.

Homework Paper
Calculate your paper price
Pages (550 words)
Approximate price: -

Our Advantages

Plagiarism Free Papers

All our papers are original and written from scratch. We will email you a plagiarism report alongside your completed paper once done.

Free Revisions

All papers are submitted ahead of time. We do this to allow you time to point out any area you would need revision on, and help you for free.

Free Title-page

A title page preceeds all your paper content. Here, you put all your personal information and this we give out for free.

Free Bibliography

Without a reference/bibliography page, any academic paper is incomplete and doesnt qualify for grading. We also offer this for free.

Originality & Security

At Homework Sharks, we take confidentiality seriously and all your personal information is stored safely and do not share it with third parties for any reasons whatsoever. Our work is original and we send plagiarism reports alongside every paper.

24/7 Customer Support

Our agents are online 24/7. Feel free to contact us through email or talk to our live agents.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

We work around the clock to see best customer experience.


Flexible Pricing

Our prces are pocket friendly and you can do partial payments. When that is not enough, we have a free enquiry service.


Admission help & Client-Writer Contact

When you need to elaborate something further to your writer, we provide that button.


Paper Submission

We take deadlines seriously and our papers are submitted ahead of time. We are happy to assist you in case of any adjustments needed.


Customer Feedback

Your feedback, good or bad is of great concern to us and we take it very seriously. We are, therefore, constantly adjusting our policies to ensure best customer/writer experience.