Recording Liabilities Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200 $300300$300300$300300 $400400$400400$400400 $500500 Bond.

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Presentation transcript:

Recording Liabilities Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ Bond Trans-x $ $ $ $ $ Bond Terms $ $ $ $ $500500$500500$500500

Recording Liabilities - $100 The category of liabilities used to report expenses that have been incurred but not paid (or recorded) at the end of the accounting period. What are Accrued Liabilities? Back to Board

Recording Liabilities - $200 Short-term obligations that will be paid with current assets within the current operating cycle or one year, whichever is longer. What are Current Liabilities? Back to Board

Recording Liabilities - $300 Accounts affected when a retail company, using a perpetual inventory system, sells a microwave to a customer for cash. What are Cash, Sales Revenue, Inventory, and Cost of Goods Sold? (Also, if sold in a jurisdiction that charges sales tax, what is Sales Taxes Payable)? Back to Board

Recording Liabilities - $400 Accounts affected when an employee earns and is paid her net wages in cash. What are Wages Expense, Cash, Withheld Income Taxes Payable, CPP Payable, EI Payable, and any miscellaneous payables such as United Way or pension plans? Back to Board

Recording Liabilities - $500 The point at which a liability is recorded. What is “at the point when the company is obligated to give up assets or services”? (See p. 429) Back to Board

Bond Terms - $100 The payment made when a bond matures. What is Face Value? Back to Board

Bond Terms - $200 The interest rate stated on the face of the bond, which is used to compute interest payments. What is the Stated Interest Rate? Back to Board

Bond Terms - $300 The amount of money the company receives when the bond is issued. What is the Issue Price? Back to Board

Bond Terms - $400 The rate of interest that lenders demand from a bond. What is the Market Interest Rate? Back to Board

Bond Terms - $500 When the issue price is greater than the face value the bond is issued at a ______. When the issue price is below the face value the bond is issued at a ______. What are Premium and Discount? Back to Board

Bond Trans-x - $100 Accounts affected when a $1,000 bond is issued at face value. What are Cash (debited for $1,000) and Bonds Payable (credited for $1,000)? Back to Board

Bond Trans-x - $200 Back to Board The classification of the Discount on Bonds Payable account. What is a Contra-Liability?

Bond Trans-x - $300 DAILY DOUBLEDAILY DOUBLE!!!

Bond Trans-x - $400 The accounts affected when a $1,000 bond is issued at 104. What are Cash (debited for $1,040), Bonds Payable (credited for $1,000), and Premium on Bonds Payable (credited for $40)? Back to Board

Bond Trans-x - $500 The accounts affected when a $1,000 bond, which was issued at face value, is retired at 109. What are Bonds Payable (debited for $1,000), Loss on Bond Retirement (debited for $90), and Cash (credited for $1,090)? Back to Board

Other Terms - $100 The term that describes a company’s ability to pay current obligations. What is Liquidity? Back to Board

Other Terms - $200 A prearranged agreement that allows a company to borrow money at any time up to a certain limit. What is a Line of Credit? Back to Board

Other Terms - $300 (Cash + Short Term Investments + Accounts Receivable, Net) divided by Current Liabilities. What is the Quick Ratio? Back to Board

Other Terms - $400 (Net Income + Interest Expense + Income Tax Expense)/Interest Expense. What is the Times Interest Earned Ratio? Back to Board

Other Terms - $500 How a contingent liability—that will probably become an actual liability, but whose probable amount cannot be estimated—is accounted for. What is “described in a footnote”? Back to Board

Review Potpourri - $100 Back to Board Method of amortization that allocates the cost of an asset in equal periodic amounts over its useful life. What is Straight-line Amortization?

Review Potpourri - $200 Back to Board A term used to describe the acquisition cost of an asset less its accumulated amortization. What is book (or carrying) value?

Review Potpourri - $300 Back to Board Buy items at $1, $2, and $3 in that order; __&__ are the costs assigned to the first two items sold under FIFO. What are $1 and $2?

Review Potpourri - $400 Back to Board The requirement to use the least optimistic measures when the value of an asset or liability is uncertain. What is the Conservatism?

Review Potpourri - $500 Back to Board Accounts affected when $200 of prepaid rent is used up during the period. What are Rent Expense (increase, debited) and Prepaid Rent (decrease, credited)?

Daily Double Specify Your Wager!

Bond Trans-x --- Back to Board The accounts affected when a $1,000 bond is issued at 95. What are Cash (debited for $950), Discount on Bonds Payable (debited for $50), and Bonds Payable (credited for $1,000)?