current liabilities and payroll – Flashcards
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which of the following is true of a contingent liability
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it is a potential liability that depends on a future event
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many of the accounting standards in GAAP for current assets accounts are ____ with the international standards
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converged
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which of the following is an amount for products or services purchased on account
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accounts payable
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a liability created for receiving cash for furure services to be provided is termed an
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unearned revenue
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unearned subscription revenue appears on the balance sheet as a
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current liability or long-term liability
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calculate FICA tax deduction for 8% of $2,200
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$176
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interest payable is shown on the
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balance sheet as a current liability
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how is the valuation of current assets affected if the company follows IFRS
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valuation is based on market adjustments
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which of the following is a characteristic of a current liability
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a current liability is due within one year or one operating cycle, whichever is longer
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face value of a note payable plus interest is called
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maturity value
