Multiple-Choice Questions1. Payroll taxes typically include all of the following except:a. Social Security taxb. Federal excise taxc. Medicare taxd. Federal income tax2. When a credit is made to the state income tax payable account, the corresponding debit is made to:a. Tax Expenseb. Cashc. Wages Expensed. Tax Payable3. When should a contingent liability be recognized?a. When the contingent liability is probableb. When a reasonable estimation can be madec. A and Bd. neither A nor B4. Which of the following is true?a. A contingent liability should always be recorded in the footnotes to the financial statements.b. A contingent liability should always be recorded within the financial statements.c. A company can choose to record a contingent liability either within its financial statements or in the footnotes to the financial statements.d. No journal entries or footnotes are necessary if the possibility of a contingent liability is remote.5. Warranty expense is:a. Recorded in the period of sale.b. Recorded as it is incurred.c. Capitalized as a warranty asset.d. None of the above.6. To record warranties, the adjusting journal entry would be:a. A debit to Warranty Expense and a credit to Estimated Warranty Liability.b. A debit to Warranty Expense and a debit to Cash.c. A debit to Estimated Warranty Liability and a credit to Warranty Expense.d. A debit to Estimated Warranty Liability and a credit to Cash.7. How is the current ratio calculated?a. Current Assets/Current Liabilitiesb. (Cash + Marketable Securities + Accounts Receivable)/Current Liabilitiesc. (Cash + Marketable Securities)/Current Liabilitiesd. Cash flows from Operating Activities/Current Liabilities8. How is the cash ratio calculated?a. Current Assets/Current Liabilitiesb. (Cash + Marketable Securities + Accounts Receivable)/Current Liabilitiesc. (Cash + Marketable Securities)/Current Liabilitiesd. Cash Flows from Operating Activities/Current LiabilitiesView Solution:
Multiple Choice Questions 1 Payroll taxes typically include all

 

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Multiple-Choice Questions1. Payroll taxes typically include all of the following except:a. Social… was first posted on July 1, 2020 at 2:42 am.
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