Ünite Sınavı Soruları

What is the present obligation of a company arising from past events and fulfillment of which causes the outflow of economic benefits in terms of payments of cash, transfer of assets or rendering of services?

How many days are the account payable terms?

Which type of liabilities are reported just in footnotes?

How are the long-term liability installments that are due within the coming year classified?

Which of the following is false regarding current liabilities and liquidity?

What is the term of accounts payable?

Star company has unearned revenue of 100.000 TL, Salaries payable of 150.000, and Allowance for uncollectible accounts of 5.000 TL. What amount would Star company report as total current liabilities?

Which of the following are among the main characteristics of liabilities?

I.They occur because of a past transaction or event

II.They create a present obligation for future payment of cash or services

III. They are avoidable. 

The journal entry in the figure was made for which transaction?

Liability is defined as the _____ obligation of a company arising from _____ events and fulfillment of which causes the outflow of economic benefits in terms of payments of cash, transfer of assets or rendering of services.

Which of the following options completes the definition above? 

When an expense incurs but is not paid yet, how should it be recorded?

I. Not being paid in less than a period

II. Reliably measurement of the amount

III. The possibility of economic benefit

Which of the above is/are takes place in the  general recognition criterions for liabilities?

On Semtember 1, the owner of A Company, borrowed 500,000 TL from the bank with 12% interest rate and 8 months maturity. Both the interest and principal will be paid at the end of maturity.

Which of the following is true about the accounting record to be made according to this information?

Which of the following is the total amount of employee compensation before deductions? 

What is the name for the liability that occurs when customers make advanced payments for the goods or services they will receive in the future?

Where does unearned subscription revenue appear on the balance sheet? 

A company has a lawsuit filled against it, claiming an indemnity of 40,000 TL. Probability is that the company will lose the lawsuit however cannot estimate the amount of the indemnity to be be paid. 

In this situation, the company should _______.

What is the term used to refer to the liabilities that arise if the existence of an obligation is dependent on the occurrence of one or more future events?