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Study sets matching "intermediate accounting chapter 13"

Chapter 13 Intermediate Accounting
Interest Bearing Note Issued Journal E…
Interest Bearing Note Interest Journal…
Payment for note and accrued Interest…
Zero Interest Bearing Note Issue
Cash... Notes Payable
Interest Expense (Note*Interest Rate/12)... Interest Payable
Notes Payable... Interest Payable... Cash
Cash... Discount on Notes Payable(reps interest expense chargeab…
Interest Bearing Note Issued Journal E…
Cash... Notes Payable
Interest Bearing Note Interest Journal…
Interest Expense (Note*Interest Rate/12)... Interest Payable
33 terms
Chapter 13- Intermediate Accounting
Which of the following is not an examp…
Current liabilities are defined as obl…
Lyric Company issued a 90-day zero-int…
On December 31, 2013, SoBou Co. has $5…
B. Preferred dividends in arrears. ... Preferred dividends in ar…
C. require use of current assets or creation of other current…
C. a debit to Cash for $2,855.... The borrower receives the pre…
D. $1,500,000.... The correct amount is ($5,000,000-$4,000,000)…
Which of the following is not an examp…
B. Preferred dividends in arrears. ... Preferred dividends in ar…
Current liabilities are defined as obl…
C. require use of current assets or creation of other current…
64 terms
Intermediate Accounting: Chapter 13
What Is a Liability?
Current liabilities
Operating cycle
Typical liabilities
To help resolve some of these controversies, the FASB, as par…
Current liabilities... The obligations that a company reasonably…
Operating cycle... The period of time elapsing between the acqui…
Here are some typical current liabilities:... 1. Accounts payabl…
What Is a Liability?
To help resolve some of these controversies, the FASB, as par…
Current liabilities
Current liabilities... The obligations that a company reasonably…
22 terms
Intermediate Accounting : Chapter 13
Purchase of Loan
Adjusting Entry of a Loan
Accounts for Final entry of a loan
Zero interest bearing note
DR Cash (increase in money)... CR Notes Payable
Principal Rate Time
DR Notes payable... DR Interest Expense... DR Interest Payable... CR C…
Include interest as part of their face value.
Purchase of Loan
DR Cash (increase in money)... CR Notes Payable
Adjusting Entry of a Loan
Principal Rate Time
6 terms
Intermediate Accounting Chapter 13
Liabilities
Current Liability
Accounts Payable
Taxes Payable
1. Probable future sacrifices of economic benefits... 2. Arise f…
Obligations payable within one year or one operating cycle, w…
Obligations to suppliers for goods purchased on open account
Similar to accounts payable, but recognized by a written prom…
Liabilities
1. Probable future sacrifices of economic benefits... 2. Arise f…
Current Liability
Obligations payable within one year or one operating cycle, w…
64 terms
Intermediate Accounting: Chapter 13
What Is a Liability?
Current liabilities
Operating cycle
Typical liabilities
To help resolve some of these controversies, the FASB, as par…
Current liabilities... The obligations that a company reasonably…
Operating cycle... The period of time elapsing between the acqui…
Here are some typical current liabilities:... 1. Accounts payabl…
What Is a Liability?
To help resolve some of these controversies, the FASB, as par…
Current liabilities
Current liabilities... The obligations that a company reasonably…
33 terms
Chapter 13- Intermediate Accounting
Which of the following is not an examp…
Current liabilities are defined as obl…
Lyric Company issued a 90-day zero-int…
On December 31, 2013, SoBou Co. has $5…
B. Preferred dividends in arrears. ... Preferred dividends in ar…
C. require use of current assets or creation of other current…
C. a debit to Cash for $2,855.... The borrower receives the pre…
D. $1,500,000.... The correct amount is ($5,000,000-$4,000,000)…
Which of the following is not an examp…
B. Preferred dividends in arrears. ... Preferred dividends in ar…
Current liabilities are defined as obl…
C. require use of current assets or creation of other current…
14 terms
Chapter 13 Intermediate Accounting
Under IFRS, if it is probable that a c…
For a loss contingency to be accrued,…
Current liabilities are normally recor…
The key accounting considerations rela…
True
False
Materiality
Determining their existence and ensuring that they are record…
Under IFRS, if it is probable that a c…
True
For a loss contingency to be accrued,…
False
64 terms
Intermediate Accounting: Chapter 13
What Is a Liability?
Current liabilities
Operating cycle
Typical liabilities
To help resolve some of these controversies, the FASB, as par…
Current liabilities... The obligations that a company reasonably…
Operating cycle... The period of time elapsing between the acqui…
Here are some typical current liabilities:... 1. Accounts payabl…
What Is a Liability?
To help resolve some of these controversies, the FASB, as par…
Current liabilities
Current liabilities... The obligations that a company reasonably…
13. Intermediate Accounting Chapter 13
Current Liability-are ________ to (be…
Long Term Liability-
The classification of Current or Long…
due date near... due date far
expected require assets... payable... one year
...
helps investors and creditors assess the risk that the liabil…
near-uses current assets and reduces the amount of liquid fun…
Current Liability-are ________ to (be…
expected require assets... payable... one year
Long Term Liability-
...
23 terms
Chapter 13 Intermediate Accounting 2
3 Characteristics of Liabilities
What are current liabilites ordinarily…
What is the only formal credit instrum…
Are A/P interesting beraing and what a…
1.) It is a PROBABLE, FUTURE sacrifice of economic benefits... 2…
Maturity amount
The invoice
Typically non-interest bearing and reported at face amount
3 Characteristics of Liabilities
1.) It is a PROBABLE, FUTURE sacrifice of economic benefits... 2…
What are current liabilites ordinarily…
Maturity amount
33 terms
Chapter 13- Intermediate Accounting
Which of the following is not an examp…
Current liabilities are defined as obl…
Lyric Company issued a 90-day zero-int…
On December 31, 2013, SoBou Co. has $5…
B. Preferred dividends in arrears. ... Preferred dividends in ar…
C. require use of current assets or creation of other current…
C. a debit to Cash for $2,855.... The borrower receives the pre…
D. $1,500,000.... The correct amount is ($5,000,000-$4,000,000)…
Which of the following is not an examp…
B. Preferred dividends in arrears. ... Preferred dividends in ar…
Current liabilities are defined as obl…
C. require use of current assets or creation of other current…
13 terms
Intermediate accounting (Chapter 13)
callable
to consummate
arrears
union dues
kündbar
zu Ende bringen
Rückstände, Schulden
Gewerkschaftsbeiträge
callable
kündbar
to consummate
zu Ende bringen
64 terms
Intermediate Accounting: Chapter 13 (definitions)
What Is a Liability?
Current liabilities
Operating cycle
Typical liabilities
To help resolve some of these controversies, the FASB, as par…
Current liabilities... The obligations that a company reasonably…
Operating cycle... The period of time elapsing between the acqui…
Here are some typical current liabilities:... 1. Accounts payabl…
What Is a Liability?
To help resolve some of these controversies, the FASB, as par…
Current liabilities
Current liabilities... The obligations that a company reasonably…
11 terms
Intermediate Accounting Chapter 13
Zero Interest Bearing Note
Current Maturities of Long-Term Debt
Short-Term Obligations Expected to Be…
Sales Taxes Payable
Debit Cash (PV of note)... Debit Discount on Notes Payable (cont…
Exclude from Current Liabilities if:... Retired by assets accumu…
Exclude from Current Liabilities if: ... Must intend to refinanc…
Debit Cash... Credit Sales Revenue... Credit Sales Taxes Payable
Zero Interest Bearing Note
Debit Cash (PV of note)... Debit Discount on Notes Payable (cont…
Current Maturities of Long-Term Debt
Exclude from Current Liabilities if:... Retired by assets accumu…
78 terms
13. Intermediate Accounting Chapter 13
Current Liability-are ________ to (be…
Long Term Liability-
The classification of Current or Long…
due date near... due date far
expected require assets... payable... one year
...
helps investors and creditors assess the risk that the liabil…
near-uses current assets and reduces the amount of liquid fun…
Current Liability-are ________ to (be…
expected require assets... payable... one year
Long Term Liability-
...
37 terms
Intermediate Accounting Chapter 13: Current Liabilities & Contingencies
Liabilities
Characteristics of a Liability
Current Liabilities
Operating Cycle
Probable future sacrifices of economic benefits arising from…
1) present obligation that entails settlement of by probable…
Obligations whose liquidation is reasonably expected to requi…
The period of time elapsing between the acquisition of goods…
Liabilities
Probable future sacrifices of economic benefits arising from…
Characteristics of a Liability
1) present obligation that entails settlement of by probable…
37 terms
Intermediate Accounting Chapter 13: Current Liabilities & Contingencies
Liabilities
Characteristics of a Liability
Current Liabilities
Operating Cycle
Probable future sacrifices of economic benefits arising from…
1) present obligation that entails settlement of by probable…
Obligations whose liquidation is reasonably expected to requi…
The period of time elapsing between the acquisition of goods…
Liabilities
Probable future sacrifices of economic benefits arising from…
Characteristics of a Liability
1) present obligation that entails settlement of by probable…
22 terms
Chapter 13 Intermediate Accounting: Vocabulary
To help resolve some of these controve…
__ are "obligations whose liquidation…
The __ is the period of time elapsing…
Accounts payable, or __, are balances…
liabilities
current liabilities
operating cycle
trade accounts payable
To help resolve some of these controve…
liabilities
__ are "obligations whose liquidation…
current liabilities
30 terms
Intermediate Accounting II Chapter 13
liability
current liability
accounts payable
notes payable
probable future sacrifices of economic benefits arising from…
obligations whose liquidation is reasonably expected to requi…
balances owed to others for goods, supplies, or services purc…
written promises to pay a certain sum of money on a specified…
liability
probable future sacrifices of economic benefits arising from…
current liability
obligations whose liquidation is reasonably expected to requi…
43 terms
Intermediate Accounting 1 - Chapter 13
Authorized Shares
callable preferred shares
call price
capital stock
the total number of shares that a corporation's charter autho…
preferred shares that the issuing corporation, at its option,…
the amount that must be paid to call and retire a preferred s…
also called SHARE CAPITAL
Authorized Shares
the total number of shares that a corporation's charter autho…
callable preferred shares
preferred shares that the issuing corporation, at its option,…
107 terms
Intermediate Accounting II: Chapter 13
Accumulated rights
Acid-test (quick) ratio
Assessments
Asset retirement obligation
Compensation rights that employees can carry forward to futur…
Liquidity ratio that measures the ability of a company to mee…
A type of loss contingency, for which a company may accrue a…
An existing legal obligation, whose amount can be reasonably…
Accumulated rights
Compensation rights that employees can carry forward to futur…
Acid-test (quick) ratio
Liquidity ratio that measures the ability of a company to mee…
21 terms
Intermediate Accounting II: Chapter 13
Liabilities
Current Liability
Accounts Payable
Trade Notes Payable
1) Are probable, future sacrifices of economic benefits, 2) A…
Expected to require current assets or creation of current lia…
Obligations to suppliers of merchandise or of services purcha…
Formally recognized by a written promissory note, often longe…
Liabilities
1) Are probable, future sacrifices of economic benefits, 2) A…
Current Liability
Expected to require current assets or creation of current lia…
43 terms
Intermediate Accounting 1 - Chapter 13
Authorized Shares
callable preferred shares
call price
capital stock
the total number of shares that a corporation's charter autho…
preferred shares that the issuing corporation, at its option,…
the amount that must be paid to call and retire a preferred s…
also called SHARE CAPITAL
Authorized Shares
the total number of shares that a corporation's charter autho…
callable preferred shares
preferred shares that the issuing corporation, at its option,…
36 terms
Chapter 13 Intermediate Accounting Questions
E 13-1 Requirement 1
E 13-1 Requirement 2
E 13-1 Requirement 3
E 13-3 Requirement 1
Cash... 16, 000, 000... Notes Payable.... 16,000,000
Interest Expense... 320,000... Interest Payable... 320,000
Note Payable... 16,000,000... Interest Expense.. 1,120,000... Inter…
Jan 13. No Journal Entry
E 13-1 Requirement 1
Cash... 16, 000, 000... Notes Payable.... 16,000,000
E 13-1 Requirement 2
Interest Expense... 320,000... Interest Payable... 320,000
42 terms
Intermediate Accounting 2-Chapter 13
What are the three characteristics of…
What classifies a current liability?
Trade accounts payable
What are the two ways accounts receiva…
1) it is a present obligation that entails settlement by a pr…
Obligations whose liquidation is reasonable expected to requi…
Just like accounts payable but it's more specific; goods were…
Net(including the discount) or gross(before the discount)
What are the three characteristics of…
1) it is a present obligation that entails settlement by a pr…
What classifies a current liability?
Obligations whose liquidation is reasonable expected to requi…
42 terms
Intermediate Accounting 2-Chapter 13
What are the three characteristics of…
What classifies a current liability?
Trade accounts payable
What are the two ways accounts receiva…
1) it is a present obligation that entails settlement by a pr…
Obligations whose liquidation is reasonable expected to requi…
Just like accounts payable but it's more specific; goods were…
Net(including the discount) or gross(before the discount)
What are the three characteristics of…
1) it is a present obligation that entails settlement by a pr…
What classifies a current liability?
Obligations whose liquidation is reasonable expected to requi…
33 terms
PK Chapter 13- Intermediate Accounting
Which of the following is not an examp…
Current liabilities are defined as obl…
Lyric Company issued a 90-day zero-int…
On December 31, 2013, SoBou Co. has $5…
B. Preferred dividends in arrears. ... Preferred dividends in ar…
C. require use of current assets or creation of other current…
C. a debit to Cash for $2,855.... The borrower receives the pre…
D. $1,500,000.... The correct amount is ($5,000,000-$4,000,000)…
Which of the following is not an examp…
B. Preferred dividends in arrears. ... Preferred dividends in ar…
Current liabilities are defined as obl…
C. require use of current assets or creation of other current…
64 terms
Intermediate Accounting: Chapter 13 (definitions)
What Is a Liability?
Current liabilities
Operating cycle
Typical liabilities
To help resolve some of these controversies, the FASB, as par…
Current liabilities... The obligations that a company reasonably…
Operating cycle... The period of time elapsing between the acqui…
Here are some typical current liabilities:... 1. Accounts payabl…
What Is a Liability?
To help resolve some of these controversies, the FASB, as par…
Current liabilities
Current liabilities... The obligations that a company reasonably…
36 terms
Chapter 13 Intermediate Accounting Questions
E 13-1 Requirement 1
E 13-1 Requirement 2
E 13-1 Requirement 3
E 13-3 Requirement 1
Cash... 16, 000, 000... Notes Payable.... 16,000,000
Interest Expense... 320,000... Interest Payable... 320,000
Note Payable... 16,000,000... Interest Expense.. 1,120,000... Inter…
Jan 13. No Journal Entry
E 13-1 Requirement 1
Cash... 16, 000, 000... Notes Payable.... 16,000,000
E 13-1 Requirement 2
Interest Expense... 320,000... Interest Payable... 320,000
37 terms
Intermediate Accounting Chapter 13: Current Liabilities & Contingencies
Liabilities
Characteristics of a Liability
Current Liabilities
Operating Cycle
Probable future sacrifices of economic benefits arising from…
1) present obligation that entails settlement of by probable…
Obligations whose liquidation is reasonably expected to requi…
The period of time elapsing between the acquisition of goods…
Liabilities
Probable future sacrifices of economic benefits arising from…
Characteristics of a Liability
1) present obligation that entails settlement of by probable…
37 terms
Intermediate Accounting Chapter 13: Current Liabilities & Contingencies
Liabilities
Characteristics of a Liability
Current Liabilities
Operating Cycle
Probable future sacrifices of economic benefits arising from…
1) present obligation that entails settlement of by probable…
Obligations whose liquidation is reasonably expected to requi…
The period of time elapsing between the acquisition of goods…
Liabilities
Probable future sacrifices of economic benefits arising from…
Characteristics of a Liability
1) present obligation that entails settlement of by probable…
55 terms
Intermediate Accounting Chapter 13 - 16
Conservatism
Litigation Loss
Probable, Reasonably Possible, Remote
Reasonably Estimated
dictates that gains are recognized when there is a transactio…
The most common type of contingent liability
SFAS three measures of likelihood
A company must be able to come up with a reasonable measure o…
Conservatism
dictates that gains are recognized when there is a transactio…
Litigation Loss
The most common type of contingent liability
65 terms
Intermediate Accounting 2 - Chapter 13
liabilities
characteristics of liabilities
current liabilities
operating cycle
to pay for something in the future from a past transaction
1. presents obligation that entails a settlement for future t…
obligations whose liquidation is reasonably expected to requi…
period of time between acquisition of goods involved in manuf…
liabilities
to pay for something in the future from a past transaction
characteristics of liabilities
1. presents obligation that entails a settlement for future t…
9 terms
Intermediate Accounting II: Chapter 13
Loss Contingency
Liabilities
Current Liabilities
Trade Notes Payable
Existing, uncertain situation involving potential loss depend…
Probable future sacrifices of economic benefits arising from…
Expected to require current assets and usually are payable wi…
Formally recognized by a written promissory note
Loss Contingency
Existing, uncertain situation involving potential loss depend…
Liabilities
Probable future sacrifices of economic benefits arising from…
37 terms
Intermediate Accounting Chapter 13: Current Liabilities & Contingencies
Liabilities
Characteristics of a Liability
Current Liabilities
Operating Cycle
Probable future sacrifices of economic benefits arising from…
1) present obligation that entails settlement of by probable…
Obligations whose liquidation is reasonably expected to requi…
The period of time elapsing between the acquisition of goods…
Liabilities
Probable future sacrifices of economic benefits arising from…
Characteristics of a Liability
1) present obligation that entails settlement of by probable…
32 terms
Intermediate accounting II chapter 13
Asset
Disburesments
Liability
Current
has value and yields future benefits
already paid. Basically an asset with no future benefits
An unavoidable obligation that resulted from a past transacti…
one year or operating cycle
Asset
has value and yields future benefits
Disburesments
already paid. Basically an asset with no future benefits
45 terms
Intermediate Accounting 2: Chapter 13
Operating Liabilities Definition
Accounts Payable Definition
Trade Notes Payable Definition
Unearned revenues (also known as defer…
-The entity will probably need to make a future sacrifice to…
amounts owed for goods, supplies, or services purchased on op…
formal, written promises to pay a certain sum of money on a s…
advance collections from customers for goods and services to…
Operating Liabilities Definition
-The entity will probably need to make a future sacrifice to…
Accounts Payable Definition
amounts owed for goods, supplies, or services purchased on op…
16 terms
Intermediate Accounting II Chapter 13
What two ways can a company acquire th…
3 essential characteristics of liabili…
Accrued Liabilities
Periodic interest
1.) Owners provide the fund... 2.) Funds are borrowed
1.) Are probable, future sacrifices of economic benefit.... 2.)…
expenses already incurred but not yet paid
the effective interest rate x the amount of debt outstanding…
What two ways can a company acquire th…
1.) Owners provide the fund... 2.) Funds are borrowed
3 essential characteristics of liabili…
1.) Are probable, future sacrifices of economic benefit.... 2.)…
9 terms
Intermediate Accounting 2: Chapter 13
Current liability
Loss contingency
Income statement estimating approach
Balance sheet estimating approach
obligation payable within one year or within the firm's opera…
an existing, uncertain situation involving potential loss dep…
% of loss x sales revenue
$ amount of future claims
Current liability
obligation payable within one year or within the firm's opera…
Loss contingency
an existing, uncertain situation involving potential loss dep…
61 terms
Intermediate Accounting II - Reburn - Chapter 13
Accounts Payable
Accrual Basis Method of Warranty Costs…
Accumulated Rights
Bonus
Balances owed to others for goods, supplies, or services purc…
Warranty costs are changed to operating expense in the year o…
Obligations by an employer to an employee that can be carried…
Compensation to certain or all officers and employees in addi…
Accounts Payable
Balances owed to others for goods, supplies, or services purc…
Accrual Basis Method of Warranty Costs…
Warranty costs are changed to operating expense in the year o…
33 terms
PK Chapter 13- Intermediate Accounting
Which of the following is not an examp…
Current liabilities are defined as obl…
Lyric Company issued a 90-day zero-int…
On December 31, 2013, SoBou Co. has $5…
B. Preferred dividends in arrears. ... Preferred dividends in ar…
C. require use of current assets or creation of other current…
C. a debit to Cash for $2,855.... The borrower receives the pre…
D. $1,500,000.... The correct amount is ($5,000,000-$4,000,000)…
Which of the following is not an examp…
B. Preferred dividends in arrears. ... Preferred dividends in ar…
Current liabilities are defined as obl…
C. require use of current assets or creation of other current…
23 terms
Chapter 13 Intermediate Accounting 2
3 Characteristics of Liabilities
What are current liabilites ordinarily…
What is the only formal credit instrum…
Are A/P interesting beraing and what a…
1.) It is a PROBABLE, FUTURE sacrifice of economic benefits... 2…
Maturity amount
The invoice
Typically non-interest bearing and reported at face amount
3 Characteristics of Liabilities
1.) It is a PROBABLE, FUTURE sacrifice of economic benefits... 2…
What are current liabilites ordinarily…
Maturity amount
32 terms
Chapter 13 of Intermediate Accounting, 15th edition
Liability
What are 3 characteristics of a liabil…
Current liabilities
Operating cycle
probable future sacrifices of economic benefits arising from…
1. Present obligation needing settlement by PROBABLE future t…
obligations whose liquidation is reasonably expected to requi…
period of time elapsing between the acquisition of goods and…
Liability
probable future sacrifices of economic benefits arising from…
What are 3 characteristics of a liabil…
1. Present obligation needing settlement by PROBABLE future t…
22 terms
Intermediate Accounting II - Chapter 13 Vocab
Debt Security
Equity Security
Minority Passive Investment
Held-to-Maturity Investments
a financial instrument that represents a creditor relationshi…
a financial instrument that represent an ownership interest i…
an investment in another company that does not allow the inve…
debt securities for which the company has the positive intent…
Debt Security
a financial instrument that represents a creditor relationshi…
Equity Security
a financial instrument that represent an ownership interest i…
37 terms
AF 311 - Chapter 13: Current Liabilities & Contingencies (Intermediate Accounting)
Liabilities
Characteristics of a Liability
Current Liabilities
Operating Cycle
Probable future sacrifices of economic benefits arising from…
1) present obligation that entails settlement of by probable…
Obligations whose liquidation is reasonably expected to requi…
The period of time elapsing between the acquisition of goods…
Liabilities
Probable future sacrifices of economic benefits arising from…
Characteristics of a Liability
1) present obligation that entails settlement of by probable…
81 terms
Intermediate Accounting I: Current Liabilities & Contingencies (Chapter 13)
Liabilities are:
Which of the following is a current li…
Which of the following is true about a…
Among the short-term obligations of La…
obligations arising from past transactions and payable in ass…
None of these -- A long-term debt maturing currently to be pa…
1. Accounts payable should not be reported at their present v…
current liabilities.
Liabilities are:
obligations arising from past transactions and payable in ass…
Which of the following is a current li…
None of these -- A long-term debt maturing currently to be pa…
81 terms
Intermediate Accounting I: Current Liabilities & Contingencies (Chapter 13)
Liabilities are:
Which of the following is a current li…
Which of the following is true about a…
Among the short-term obligations of La…
obligations arising from past transactions and payable in ass…
None of these -- A long-term debt maturing currently to be pa…
1. Accounts payable should not be reported at their present v…
current liabilities.
Liabilities are:
obligations arising from past transactions and payable in ass…
Which of the following is a current li…
None of these -- A long-term debt maturing currently to be pa…
21 terms
Intermediate Accounting Chapter 13 Quiz/Notes
Liabilities are...
Which of the following is true about A…
The Discount on Note Payable account...
Which of the following is a current li…
- obligations arising from past transactions and payable in a…
- A/P should not be reported at their present value
- has a debit balance... - when there is a discount on note pay…
- bonds due in eleven months
Liabilities are...
- obligations arising from past transactions and payable in a…
Which of the following is true about A…
- A/P should not be reported at their present value
69 terms
Chapter 13 intermediate acct
d
d
a
a
Liabilities are... a. any accounts having credit balances after…
Which of the following is a current liability?... a. A long-term…
Which of the following is true about accounts payable?... 1. Acc…
Among the short-term obligations of Lance Company as of Decem…
d
Liabilities are... a. any accounts having credit balances after…
d
Which of the following is a current liability?... a. A long-term…
1 of 10