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Question(s) / Instruction(s):

81)          Which of the following is a reason that many companies use a time clock for employees?  

a.            To improve efficiency  

b.            To prove an employees hours worked  

c.             To separate the duties of human resources personnel and accounting personnel  

d.            To avoid writing a paycheck to a fictitious person  

 

 

82)          Which of the following is a reason that many companies maintain a human resources department?  

a.            To prove an employees hours worked  

b.            To avoid writing a paycheck to a fictitious person  

c.             To improve efficiency  

d.            None of the above  

 

 

83)          Where would unemployment taxes withheld appear?  

a.            On the income statement as an expense  

b.            On the balance sheet as a long-term liability  

c.             On the balance sheet as a current liability  

d.            There is no account called unemployment taxes withheld  

 

 

84)          Which of the following would NOT be included in current liabilities?  

a.            Earned revenues  

b.            Unearned revenues  

c.             Estimated liabilities  

d.            Accrued expenses  

 

 

85)          Where would sales tax payable appear?  

a.            On the balance sheet as a current liability  

b.            On the balance sheet as a long-term liability  

c.             On the income statement as an expense  

d.            There is no account called sales tax payable  

 

 

86)          A(n) __________ is an amount owed for products or services purchased on account.  

 

 

87)          A(n) __________ is a promissory note that must be paid within one year.  

 

 

88)          A(n) __________ is an expense that has not yet been paid.  

 

 

89)          The __________ principle requires that warranty expense be recorded in the period that revenue is recorded.  

 

 

90)          When the likelihood of an actual loss is __________, the amount must be estimated and recorded as an expense and as a liability.  

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