Quiz 13.109 – Terms and Phrases
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Match each phrase with its corresponding terminology, subsequent events, unasserted claims, etc…
Match each phrase with its corresponding terminology, subsequent events, unasserted claims, etc…
Match each phrase with its corresponding terminology, noninterest-bearing notes, committed lines of credit, etc…
Match each phrase with its corresponding terminology, disclosure notes, commercial paper, etc…
Match each phrase with its corresponding terminology, accrue liability, disclosure note only, etc…
Match each phrase with its corresponding terminology, provision, mid-point of the range, etc…
Match each phrase with its corresponding terminology, disclosure note only, not reported, etc…
Identify the way each item in the list should be shown on the December 31, 2021 balance sheet.
In IFRS, “probable” denotes a level of likelihood higher than 50%.
Under accounting standards, it is necessary to record the cost of promotional offers as expenses in the period when customers redeem them.
According to GAAP, what concept supports the practice of recording current liabilities at the amount expected to be paid instead of their present value?