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11 the choice of inventory method has an impact on the accounts payable turnover rat 4298593

 

11. The choice of inventory method has an impact on the accounts payable turnover ratio. 
12. The accounts payable turnover ratio is calculated by dividing accounts payable by cash payments to suppliers. 
13. Income taxes payable is an example of an accrued liability. 
14. The accounts payable turnover ratio is difficult to manipulate. 
15. The accrual of interest on a short-term note payable decreases both the quick ratio and current assets. 
16. The FICA (social security) tax is a matching tax with a portion paid by both the employer and the employee. 
17. A company borrowed $100,000 at 6% interest on September 1, 2009. Assuming no adjusting entries have been made during the year, the entry to record interest accrued on December 31, 2009 would include a debit to interest expense and a credit to interest payable for $2,000. 
18. An estimated liability can't be reported on the balance sheet. 
19. A contingent liability is reported on the balance sheet if it is probable and can be estimated. 
 

 

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