Which of the following accounts is an liability? a. Bank deposit b. Prepaid insurance expense c. Account payable d. Short term investment
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7. Which of the following accounts is an liability?
a. Bank deposit
b. Prepaid insurance expense
c. Account payable
d. Short term investment
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- Identify which one of the following is also called as Fixed deposit account? a. Demand deposit b. Long term deposit c. Short term deposit d. Chequable depositThe realizable amount of notes receivable is considered. a. Income b. all of the above c. Noncurrent asset d. Current assethe Revaluation Reserve Account should be accounted for as part of a. Assets b. Liability c. Equity d. Expens
- Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An AssetWhich of the following is a contra-liability account? a. Taxes Payable b. Accumulated Amortization c. Discount on Notes Payable d. Notes Payable3. which of the following transactions will result in the increase and decrease in liability? a. payment of loan by installmentb. borrowed money from the bankc. issued a promissory note in payment of a liabilityd. request for an extension of the date of payment
- The amortization of premium on notes receivable isa. deduction from accrued interest receivableb. an addition to interest incomec. an addition to accrued interest receivabled. a deduction from interest incomeWhich of the following is an arrangement by which one party promises to pay a sum of money to policyholder as protection against an adverse or unfavorable occurrence of event? a. Short Term Loans b. Fixed Deposit c. Insurance d. InvestmentWhat is an account receivable? O a. Sales O b. Asset Oc. Income O d. Creditors
- Insurance policies form the basis of an insurance company’s ________________. a. Financial securities b. Financial liabilities c. Financial assets d. Net policy reservesChapter 10, Question 16: What are contingent liabilities? List three examples of contingent liabilities. When should contingent li-abilities be recorded in the accounts?17-Which of the following is a contra-liability account? a. Accumulated Amortization b. Taxes Payable c. Discount on Notes Payable d. Notes Payable