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Chapters 1-4 The Accounting Cycle
Chapters 5-8 Current Assets
Chapters 9-11 Long-Term Assets
Chapters 12-14 Liabilities/Equities
Chapters 15-16 Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20 Managerial/Cost
Chapters 21-24 Budgeting/Decisions

Chapter 12 - Goals Achievement

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Chapter 12 – Goals Achievement

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Question 1 of 10

1. Question
An example of an accrued liability is:
- salaries payable
- the current portion of long-term debt
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Question 2 of 10

2. Question
Collections for third parties should be recorded as a current liability.
- true
- false
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Question 3 of 10

3. Question
Which of the following would not be a typical current liability?
- prepayments (advances) to suppliers
- amounts collected for and payable to third parties
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Question 4 of 10

4. Question
The process of reducing a discount by recognizing interest expense is frequently referred to as discount amortization.
- true
- false
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Question 5 of 10

5. Question
The guidelines for the recognition of contingent liabilities reflect that they should be recorded in the accounts when it is probable that the future event will occur and the amount of the liability can be reasonably:
- estimated
- isolated
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Question 6 of 10

6. Question
Which of the following payroll taxes is borne exclusively by the employer?
- social security tax
- unemployment tax
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Question 7 of 10

7. Question
Deductions from employee earnings, plus net pay, equals:
- gross earnings
- gross withholdings
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Question 8 of 10

8. Question
Withholding allowances are determined by reference to the:
- W-4
- W-2
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Question 9 of 10

9. Question
Stated simply, paid vacation time should be expensed while the employee is on vacation.
- true
- false
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Question 10 of 10

10. Question
The total amounts owed to employees for retirement benefits will appear on the balance sheet as a liability.
- true
- false
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Additional Resources

Illustrative Entries

Examples of journal entries for numerous sample transactions

Account Types

Typical financial statement accounts with debit/credit rules and disclosure conventions

Glossary

Includes financial and managerial terms

Time Value of Money

Future and present value tables

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Chapters 1-4
Chapters 5-8
Chapters 9-11
Chapters 12-14
Chapters 15-16
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20
Chapters 21-24
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