Quiz 13.05 – T/F Accounting Treatment of Gift Card Revenue
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Gift card revenue is recognized immediately upon sale, instead of being deferred.
Gift card revenue is recognized immediately upon sale, instead of being deferred.
If a creditor can demand repayment of long-term debt within the next year, the debt should be classified as a current liability only if it is anticipated to be called.
When obligations are expected to be refinanced, the principle of substance over form affects their classification.
According to IFRS, a liability that undergoes refinancing between the balance sheet date and the issuance of financial statements is usually classified as a current liability.
When a product subject to a quality-assurance warranty is sold, the expense and liability for the warranty are recognized in the same reporting period.
The recognition of a loss contingency requires that the claim is made before the end of the accounting period.
What are some examples of actions that could result in employer liabilities related to payroll?
Match each phrase with its corresponding terminology, short-term note, warranty liability, etc…
Match each phrase with its corresponding terminology, sales tax payable, callable, etc…
Match each phrase with its corresponding terminology, noncommitted lines of credit, gain contingencies, etc…