ACG 2021- final UCF Examination and
Already Solved Solutions.
Liability - Answer A present responsibility to sacrifice assets in the future due to a
transaction or other event that happened in the past
Normal Balance: credit
Financial statement: balance sheet
Current liability - Answer Liability payable within one year
Normal Balance: Credit
Financial statement is : Balance sheet
It's a current liability
Long-Term liability - Answer Liability payable after ONE year
Normal balance: Credit
Financial statement: Balance sheet
It's a long term liability
Accounts payable - Answer Amounts owed for products or services purchased on account
NB: credit
FS: Balance sheet
It's a current liability
Short term notes payable - Answer Used to borrow cash or purchase asset and due within
one year
NB:credit
FS: Balance sheet
It's a current liability
Unearned revenue - Answer Businesses receive cash before services or products are
provided to customers
NB: credit
FS: Balance sheet
Current liability
, current portion of long-term debt - Answer debt that will be paid within the next year
NB: credit
FS: Balance sheet
Sales tax payable - Answer Sales taxes that are collected from customers to be remitted
predictively to the state and local governments
FS: Balance sheet
NB: credit
Current liability
Deferred taxes - Answer Net income and taxable income often differ because of the
differences in financial account and tax rules
NB: credit
FS: Balance sheet
Current liability (can also b asset if taxable income exceeds GAAp net income)
Contingent liability - Answer Excising uncertain situation that might result in loss
NB: credit
FS: Balance sheet
Current liability
Warranty expense - Answer (Matching principle) company needs to record warranty expense
in the same accounting period as the sale
NB: Debit
FS: income statement
Expense
Warranty payable - Answer Represents the livability account set up when warranty expense
is recognized and is used to account for warranty work performed in future
NB:credit
FS:Balance sheet
Current liability
Secured bonds - Answer Bond backed by collateral (collateral meaning it being backed up by
something just Incase they don't come through)
Already Solved Solutions.
Liability - Answer A present responsibility to sacrifice assets in the future due to a
transaction or other event that happened in the past
Normal Balance: credit
Financial statement: balance sheet
Current liability - Answer Liability payable within one year
Normal Balance: Credit
Financial statement is : Balance sheet
It's a current liability
Long-Term liability - Answer Liability payable after ONE year
Normal balance: Credit
Financial statement: Balance sheet
It's a long term liability
Accounts payable - Answer Amounts owed for products or services purchased on account
NB: credit
FS: Balance sheet
It's a current liability
Short term notes payable - Answer Used to borrow cash or purchase asset and due within
one year
NB:credit
FS: Balance sheet
It's a current liability
Unearned revenue - Answer Businesses receive cash before services or products are
provided to customers
NB: credit
FS: Balance sheet
Current liability
, current portion of long-term debt - Answer debt that will be paid within the next year
NB: credit
FS: Balance sheet
Sales tax payable - Answer Sales taxes that are collected from customers to be remitted
predictively to the state and local governments
FS: Balance sheet
NB: credit
Current liability
Deferred taxes - Answer Net income and taxable income often differ because of the
differences in financial account and tax rules
NB: credit
FS: Balance sheet
Current liability (can also b asset if taxable income exceeds GAAp net income)
Contingent liability - Answer Excising uncertain situation that might result in loss
NB: credit
FS: Balance sheet
Current liability
Warranty expense - Answer (Matching principle) company needs to record warranty expense
in the same accounting period as the sale
NB: Debit
FS: income statement
Expense
Warranty payable - Answer Represents the livability account set up when warranty expense
is recognized and is used to account for warranty work performed in future
NB:credit
FS:Balance sheet
Current liability
Secured bonds - Answer Bond backed by collateral (collateral meaning it being backed up by
something just Incase they don't come through)
