ACCT 305 ACCT305 Chapter 5 Quiz Answers

ACCT 305 ACCT305 Chapter 5 Quiz Answers

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DeVry ACCT 305 ACCT/305 ACCT305 Week 5 Quiz

Question 1. 1. (TCO 6) Which of the following is not a current liability? (Points : 4)

Question 2. 2. (TCO 6) At times, businesses require advance payments from customers that will be applied to the purchase price when goods are delivered or services provided. These customer advances represent (Points : 4)

Question 3. 3. (TCO 6) Which of the following is not a liability? (Points : 4)

Question 4. 4. (TCO 6) A contingent loss should be reported in a footnote to the financial statements rather than being accrued if (Points : 4)

Question 5. 5. (TCO 6) Our company had a warranty liability of $350,000 at the beginning of 2012 and $310,000 at the end of 2012. Warranty expense is based on 4% of sales, which were $50 million for the year. Which were the warranty expenditures for 2012? (Points : 4)


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