Accrued revenues:
A. Are listed on the balance sheet as liabilities.
B. At the end of one accounting period result in cash receipts in a future period.
C. Are recorded at the end of an accounting period because cash has already been received for revenues earned.
D. At the end of one accounting period often result in cash payments in the next period.
E. Are also called unearned revenues.
Answer: B
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A contingent liability is:
A. An obligation arising from a future event. B. An obligation arising from the purchase of goods or services on credit. C. Always of a specific amount. D. A potential obligation that depends on a future event arising from a past transaction or event. E. An obligation not requiring future payment.
Two expressions that carry negative connotations are
A) compound-complex and redundant. B) will not and cannot. C) subjunctive and passive voice. D) ethnocentrism and abstraction. E) ambiguity and expletive.
Failure to pay a premium on time may cause the policy to
a. subrogate. b. be assigned. c. lapse. d. be considered fraudulent.
Government control over the money supply using interest rates to effect changes in the economy is called:
A) fiscal policy B) monetary policy C) tax policy D) transfer payments