ACC 131 Exam 3 Thomas Questions and Answers Already Passed Latest Update 2025-2026
Which of the following most likely would be classified as a current liability? - Answers Salaries
payable
Which of the following is a tax paid by the employee but not the employer? - Answers State
income tax
Recording estimated product warranty expense in the year of the sale best follows
which of the following accounting principles? - Answers Matching
A contingent liability is recorded as a journal entry in the accounting records... - Answers if it is
probable that is will become an actual liability and the amount can be
reasonably estimated.
A repair to an appliance under warranty occurs within the warranty period. What
adjustment is made? - Answers Warranty Liability is debited
Computing Magazine receives $90 in advance from a customer for 3 year subscription.
Computing Magazine's entry to record the receipt of funds would include a: - Answers Credit to
unearned subscription revenue for $90
Which of the following assets is not subject to depreciation, depletion, and
amortization? - Answers Land
The book value or carrying value of an asset is defined as: - Answers Cost less accumulated
depreciation
The depreciable cost of an asset is - Answers original cost - accumulated depreciation
Which of the following is irreverent in computing a machine's depreciation expense
using the units-of-production method? - Answers Estimated useful life in years
An asset that cost 24,000 and has accumulated depreciation of 18,000 is sold for 5,200.
The entry to record the sale would include a - Answers Debit to Loss on Sale of Asset for $800
The term used for allocating the cost of an intangible asset to the periods it benefits is: -
Answers Amortization
Accrued interest on a short-term note payable is recorded by - Answers Debiting Interest
Expense and Crediting Interest Payable
Which of the following most likely would be classified as a current liability? - Answers Salaries
payable
Which of the following is a tax paid by the employee but not the employer? - Answers State
income tax
Recording estimated product warranty expense in the year of the sale best follows
which of the following accounting principles? - Answers Matching
A contingent liability is recorded as a journal entry in the accounting records... - Answers if it is
probable that is will become an actual liability and the amount can be
reasonably estimated.
A repair to an appliance under warranty occurs within the warranty period. What
adjustment is made? - Answers Warranty Liability is debited
Computing Magazine receives $90 in advance from a customer for 3 year subscription.
Computing Magazine's entry to record the receipt of funds would include a: - Answers Credit to
unearned subscription revenue for $90
Which of the following assets is not subject to depreciation, depletion, and
amortization? - Answers Land
The book value or carrying value of an asset is defined as: - Answers Cost less accumulated
depreciation
The depreciable cost of an asset is - Answers original cost - accumulated depreciation
Which of the following is irreverent in computing a machine's depreciation expense
using the units-of-production method? - Answers Estimated useful life in years
An asset that cost 24,000 and has accumulated depreciation of 18,000 is sold for 5,200.
The entry to record the sale would include a - Answers Debit to Loss on Sale of Asset for $800
The term used for allocating the cost of an intangible asset to the periods it benefits is: -
Answers Amortization
Accrued interest on a short-term note payable is recorded by - Answers Debiting Interest
Expense and Crediting Interest Payable
