Answer the following statements true (T) or false (F)
1. Current liabilities must be paid either in cash or with goods and services within one year or within the
entity';s operating cycle, if the cycle is longer than a year.
2. Any portion of a long-term liability that is due with the next year is reported as a current liability.
3. The IFRS definitions of current and long-term liabilities are much different than the U.S. GAAP
4. Amounts owed for products or services purchased on account are accounts receivable.
1. TRUE
2. TRUE
3. FALSE
IFRS defines current and long-term liabilities in the same manner as U.S. GAAP.
4. FALSE
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Which document typically notifies the purchaser of his or her obligation to pay?
a. vendor packing slip b. receiving report c. acceptance report d. vendor invoice
Below is information for Toronto Imports Corp for 2015 and 2016: Bonds payable, December 31, 2015 $500,000 Bonds payable, December 31, 2016 800,000 Loss on bond retirement—2016 15,000 Interest expense on bonds—2016 45,000 At the end of 2016, Toronto issued bonds at par value for $800,000 cash. The proceeds from these bonds were used to retire the $500,000 bond issue outstanding at the end of
2015 (before their maturity date). All interest expense was paid in cash during 2016. The following statements describe how Toronto reported the cash flow effects of the items described above on its 2016 statement of cash flows. The indirect method is used to prepare the operating activities section. Which of the following has been reported incorrectly by Toronto? a. Proceeds of $800,000 from the issuance of bonds were reported as a cash inflow in the financing activities section. b. The loss on bond retirement of $15,000 was added to net income in the operating activities section. c. Payments of $560,000 were reported as a cash outflow in the investing activities section. d. Interest expense of $45,000 was not reported separately because it is included in net income in the operating activities section.
In CMM theory, our greatest moments of mutual understanding, happiness, and fulfillment in interpersonal communication are referred to as ______.
a. awakenings b. peak communication experiences c. meaningful moments d. comprehension elevations
The decision to accept a lower-than-normal selling price may depend on the availability of excess capacity.
Answer the following statement true (T) or false (F)