Quiz Ch 08 – T/F Understanding Current Liabilities
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Current liabilities are due within a year or operating cycle.
Current liabilities are due within a year or operating cycle.
Long-term liabilities are mainly used for operating activities.
Short-term notes payable are notes payable with a maturity period of over one year.
Wage is the payment made to employees on a monthly or yearly basis.
Expenses like Warranties and Income Taxes require estimation.
The unearned Revenue account balance is zeroed when all advanced revenue is earned.
What are the terms used to describe the total wages employees earned for the payroll period and the amount of wages they take home?
Determine the total purchases during the year given inventory and COGS.
Your numbers will vary.
Given accounts payable, sales revenue, and COGS — find the days payable outstanding.
Your numbers will vary.