ACCOUNTING FOR LIABILITIES

ACCOUNTING FOR LIABILITIES

5th - 6th Grade

10 Qs

quiz-placeholder

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ACCOUNTING FOR LIABILITIES

ACCOUNTING FOR LIABILITIES

Assessment

Quiz

Education

5th - 6th Grade

Medium

Created by

NORKHAIRUL AZLINA BM

Used 194+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of liabilities?

Liabilities are obligations owed.

Liabilities are items that are owned with value.

Liabilities are the cost of doing business.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following items is a long-term liability?

Accrued expenses payable.

Unearned revenue.

Mortgages payable.

Accounts payable.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose a hotel has RM40,000 of long-term debt at year end. Of this amount, RM10,000 must be repaid within the next year. Which of the following statements is true?

The classified balance sheet would show RM40,000 of long-term debt under the heading "Current liabilities."

The classified balance sheet would show RM40,000 of long-term debt under the heading "Long-term liabilities."

The classified balance sheet would show RM50,000 of long-term debt under the heading "Long-term liabilities."

The classified balance sheet would show RM30,000 of long-term debt under the heading "Long-term liabilities."

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following accounts is NOT a liability?

Accounts Payable

Accounts Receivable

Salaries Payable

Notes Payable

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Warranty is one of Contingent Liabilities.

TRUE

FALSE

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Current liabilities: Liabilities that are expected to be paid within a year or normal operating cycle, whichever is longer.

TRUE

FALSE

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On December 1, ABC Co. hired Juanita Perez to begin working on January 2 at a monthly salary of RM4,000. ABC's balance sheet of December 31 will show a liability of

RM4,000

RM48,000

No Liability

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