Question 2. 2. The Unearned Revenue account is used to record ____________________. (Points : 1) purchase orders received from customers loans made to customers so they can purchase products the sale of a product to a customer a deposit received from a customer in advance for a future product or service.
| Question 2. 2. The Unearned Revenue account is used to record ____________________. (Points : 1) purchase orders received from customers loans made to customers so they can purchase products the sale of a product to a customer a deposit received from a customer in advance for a future product or service. |
| Question 3. 3. A contingent liability like a lawsuit is required to be recorded when the probability of an unfavorable outcome is __________________. (Points : 1) probable possible remote anybody’s guess |
| Question 4. 4. An employer is required to match certain payroll taxes like ________________. (Points : 1) Unemployment taxes Workers compensation Social security None of the taxes listed here |
| Question 5. 5. If a firm plans to conduct business in multiple states what organization form is required? (Points : 1) Corporation Partnership No special form of organization is required Sole proprietorship |
| Question 6. 6. The form of business organization that has a perpetual existence is the ___________. (Points : 1) corporation sole proprietorship partnership none of these |
| Question 7. 7. The concept of mutual agency in relationship to a partnership means______________. (Points : 1) each partner must use the same insurance agent a partner cannot financially obligate the other partners in the partnership without their knowledge there is no such concept that impacts a partnership a partner can financially obligate all partners in the partnership without their knowledge |
| Question 8. 8. A sole proprietor __________________. (Points : 1) Files a separate tax return Has unlimited liability for debts of the firm Has limited liability for debts of the organization Pays no Social Security or Medicare taxes |
| Question 9. 9. The journal entry needed when a partner contributes assets to the partnership would include ____________________. (Points : 1) a debit to owners capital and a credit to an asset account a debit to an asset account and a credit to common stock a debit to an asset account and a credit to owners capital a debit to equity and a credit to owners capital |
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